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House of Fraser CVA plans approved by creditors

House of Fraser has announced that its Company Voluntary Arrangement proposals have been approved by its creditors.

DEPARTMENT STORES

House of Fraser CVA plans approved by creditors

House of Fraser has announced that its Company Voluntary Arrangement proposals have been approved by its creditors.

The creditors’ meetings for House of Fraser (Stores) Limited and House of Fraser Limited were held this morning and both CVA proposals were given the green light.

House of Fraser will now begin working with its landlords to implement the proposals which include the closure of 31 of its 59 stores, although the shops are expected to trade until early 2019.

Alex Williamson, chief executive of House of Fraser, said: “The CVA proposals have been approved by our creditors and we are grateful for their ongoing support and belief in the future of House of Fraser. This was clearly a difficult decision to take but is, ultimately, the only one to secure our future. Our focus is on supporting all of our affected colleagues and we are exploring every opportunity available to them working alongside the Retail Trust and the wider retail community.”

The new follows the company’s announcement of 2 May in which it said that C.banner had agreed to acquire a 51% stake in House of Fraser and offer significant new capital on condition that the business cut its store portfolio.

Frank Slevin, chairman of House of Fraser, said: “The approval of the CVAs is a seminal moment in House of Fraser’s history. We must now continue with the implementation of our restructuring plan. This is also an important milestone in the transaction with C.banner and moves us toward the completion of the capital injection first announced in May.”

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