The creditors of Carluccio’s, the Italian restaurant and deli chain, have today approved its proposed company voluntary arrangement (CVA).
Will Wright, restructuring partner at KPMG and joint supervisor of the CVA, said: “This is an important step forward for the business, allowing Carluccio’s to complete its financial restructuring plan and embark on a comprehensive operational transformation programme.
“Today’s vote saw 91% of all voting creditors choosing to approve the CVA, surpassing the 75% total required in order to pass the resolution.”
The popular restaurant is the latest victim of the downturn in the high street dining arena, which has already seen the likes of Jamie’s Italian, Byron and Prezzo undertake CVAs and announce widespread closures.
Earlier this month, CEO Mark Jones said: “Carluccio’s remains a very strong brand known for high-quality food. Independent research shows it is extremely well regarded by the British public in the premium Italian dining space.
“However, the business is not immune from well-documented pressures sweeping through the casual dining sector and indeed much of the wider UK high street, including retail.
“Regrettably this is the only course of action available and if approved, will safeguard the future of the group, protecting this strong core business. It is therefore in the best interests of the company, our people, our creditors and our customers.”
Carluccio’s will be announcing which areas are affected by the closure of the 30 sites, which could see up to 500 jobs lost.