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Gloucestershire Business News

Lingerie retailer considers CVA

Ann Summers looks set to be the latest in a long line of retailers to launch a CVA, in a bid to get costs down in the wake of the coronavirus crisis.

The lingerie and sex toy retailer, which has stores in Gloucester and Cheltenham, said it is considering a CVA as some landlords refused to work in partnership, despite the owning family injecting cash into the business to keep it afloat, as reported by Retail Gazette.

Losses were up £3 million to £16 million in its most recently reported year, and chief executive Jacqueline Gold said she expects business rates and property costs to increase next year.

Gold said that some landlords have continued to "bury their heads in the sand" and the only way a retailer can resolve the situation is through a CVA.

Ann Summers first considered a CVA last year. While most landlords gave the retailer better property terms, some refused to be more flexible.

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