Deloitte cleared for Your Space CVA

Creditors and stakeholders have approved a Company Voluntary Arrangement
(CVA) for AIM-listed property business Your Space.

Daniel Butters and Bill Dawson of
Deloitte
will act as joint supervisors of the CVA.

The proposal will unsecured creditors receive 20p in the pound over a
three-year period, with the potential for a further 40p in the pound payable in
year five if the group meets certain trading targets. An additional capital
dividend would be payable dependent on property realisations.

“This growing use of CVAs demonstrates that in the appropriate situation
administration can be avoided,” said Butter, partner in Deloitte’s
reorganisation services practice in Leeds.

“This is good news for the group as the CVA allows the business to remain as
a going concern and maintain its trade. It offers job security to employees and
certainty to its trading partners.”

Further reading:

GT administrators appointed at
property group Kenmore