Creditors approve Poundstretcher CVA proposal

The creditors of the discount retailer Poundstretcher have approved the proposed company voluntary arrangement (CVA) put forward by the business on 16 June 2020.

Will Wright, restructuring partner at KPMG and joint supervisor of the CVA, said: “The approval of the CVA provides a stable platform from which the company can continue to operate across a more focussed store portfolio.”

The vote saw more than 90% of all voting creditors – and importantly, an overwhelming majority of landlords – choosing to approve the CVA, surpassing the 75% total required in order to pass the resolution.

-Ends-

For media enquiries, please contact:

Katy Broomhead, Senior PR Manager

T: 0161 246 4623

M: 07824 537963

E: katy.broomhead@kpmg.co.uk         

KPMG Press Office: 020 7694 8773

 

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 17,600 partners and staff.  The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, Legal and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.


More:  BRC–KPMG retail sales monitor july 2020

More from: | Category: Accountancy Company News