THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Mothercare secures approval for CVA

Mothercare’s proposed Company Voluntary Arrangement proposals have been approved by its creditors.

GENERAL MERCHANDISE

Mothercare secures approval for CVA

The CVA includes measures to refinance the business and restructure the UK store portfolio including the closure of 50 stores.

Clive Whiley, interim executive chairman of Mothercare, said: "We are very grateful for the support of our many stakeholders across our creditor base in supporting today's CVA proposals. Their forbearance and support today is a crucial step forward to achieve the renewed and stable financial structure for the business that will drive an acceleration of Mothercare's transformation.”

As part of the refinancing, a new equity issue comprising a placing and open offer of new ordinary shares to raise approximately £28 million is expected to complete in July 2018.

Mothercare said the proposals are not expected to affect the ordinary course of operations across the company and stressed that the approval of the CVA meant that it had not entered administration.

Whiley added: “These measures provide a solid platform from which to reposition the group and begin to focus on growth, both in the UK and internationally."

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Retail Human Resources Summit
Retail Human Resources Summit
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
The Retail Design Summit 2018
The Retail Design Summit 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Summit 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy