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Gloucestershire Business News

Caffe Nero launches restructuring process

Coffee chain Caffe Nero is launching a company voluntary arrangement after it said the coronavirus pandemic had "decimated trading".

The chain, which employs 6,000 people across 800 UK shops and 200 overseas, is looking to renegotiate terms with landlords and creditors.

Accountants KPMG will oversee the CVA which proposes moving the majority of its outlets to turnover-based rents.

Landlords and creditors have until the end of the month to vote on the proposal.

Chief executive Gerry Ford said: "Like so many businesses in the hospitality sector, the pandemic has decimated trading and although we had made significant progress in navigating the financial challenges of the first lockdown, the second lockdown has made it imperative that we take further action."

It is understood closures will be minimal.

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