Focus DIY CVA gets landslide approval
Partners from BDO Stoy Hayward spearhead deal which saves the jobs of 5,000 staff being placed in jeopardy if the company had entered into administration
Partners from BDO Stoy Hayward spearhead deal which saves the jobs of 5,000 staff being placed in jeopardy if the company had entered into administration
Focus DIY landlords have agreed to a company voluntary arrangement which has
lifted the
burden
of paying rent on empty stores from the DIY giant.
Partners from BDO Stoy Hayward spearheaded the deal which has saved the jobs
of 5,000 staff being placed in jeopardy if the company had entered into
administration.
In a statement the company said: ‘Focus DIY, one of the leading DIY and
garden retailers, is pleased to announce the approval of its CVA.
Meetings of creditors were held today to consider the CVA Proposal and the
Company is pleased to announce that the CVA Proposal has been approved by the
vast majority of creditors. On one set of votes 99% and 100% of creditors voted
in favour.’
‘On the other entity, where the only creditors are landlords and the majority
by number are [of empty] stores, the vote was 93% in favour.’
BDO insolvency experts Shay Bannon, Sarah Megan Rayment and Malcolm Cohen
pitched the deal to creditors at a meeting earlier today in London.
Bill Grimsey, chief executive of Focus said: ‘We are very pleased with the
outcome of today’s meetings. Throughout this process we have engaged on a
transparent basis with all our suppliers and landlords and we look forward to
continue working with them over the years ahead.
‘Trading is currently ahead of management expectations and with this CVA now
firmly behind us we can concentrate on managing our existing open stores and
building on this stable platform to offer the best service to all our customers,
suppliers, employees and landlords.’
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