Magnet Group’s CVA approved, paving way for store closures
Magnet Group’s creditors and landlords have approved the company voluntary arrangement (CVA) it proposed on 30 June.
The proposals were overwhelmingly supported by over 90% of voting creditors by value.
Subscribe to TRBThis means the kitchen brand will be able to move forward with previously announced restructuring plans for its property estate.
Magnet confirmed the CVA after grappling with historic property costs that were weighing on the business. The approval will allow the company to work with landlords to address unsustainable costs, and to close 15 underperforming stores.
Sophie Rose, chief executive of Magnet Group, said: “Today’s result is a huge vote of confidence in Magnet and a significant step forward in our wider transformation.
“It gives us a clear and structured route to address the historic property costs that have been holding the business back, while protecting the vast majority of our estate and maintaining customer relationships.”
