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Gloucestershire Business News

Backing for AllSaints CVA proposal

Creditors of fashion retailer AllSaints have approved a proposal for a company voluntary agreement.

AllSaints, which has an outlet at Gloucester Quays, announced the CVA proposal last month designed to provide a major restructuring of its UK and US businesses.

The plan, which included a proposal to landlords to link rent in most of its 41 UK stories to turnover, was approved by 93 per cent of creditors - well above the required 75 per cent.

Chief executive Peter Wood said: "We are delighted that the majority of our landlords across the UK, EU, US and Canada voted in favour of our proposals, and would like to thank them for their patience and understanding.

"The decision to launch the CVAs was not taken lightly, and this successful outcome will be instrumental in helping us to ensure the long-term viability of AllSaints."

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