More than 600 jobs saved at Gusto after successful CVA
Italian restaurant chain Gusto has secured the future of its business through the completion of a Company Voluntary Arrangement.
While the move has saved more than 600 jobs, several restaurant sites have been permanently closed although affected staff have been redeployed to other restaurants where possible.
The CVA was overwhelmingly supported by the majority of creditors with 98% voting in favour.
Matt Snell, chief executive of Gusto, said: ‘The last six months have been the most challenging in the history of our business. and the wider sector. The passing of the CVA is an important milestone, securing the future of the Gusto business and protecting more than 600 jobs.
“I would like to take this opportunity to thank all of our creditors and landlords for their support through this time and our investors for its vision in supporting our business plan going forward.”
Gusto was advised on the CVA process by RSM.
Damian Webb, partner at RSM Restructuring Advisory, added: ‘The coronavirus pandemic has presented a huge range of challenges for the casual dining sector. Following the Prime Minister’s announcement of new measures this week, these challenges look set to be with us for at least the medium-term. The approval of this CVA, with the overwhelming support of Gusto’s landlords, shows how stakeholders are prepared to support highstreet businesses until the time when things become easier.’
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