Renowned British clothing retailer Apricot’s creditors have voted in favour of the retailer exiting its company voluntary process– CVA – much earlier than planned.
And that’s 16 months earlier than that was initially decided. The CVA was due to end on 31 December 2023.
Back in early 2021, the apparel retailer had launched a CVA to shift 13 of its 14 standalone stores in the UK to turnover rent leases.
The retailer then had to make this move following landlords’ refusal to renegotiate rents in the tough times of pandemic.
Apricot was advised by the property firm GCW.
More on the same, Philip Chaimo, Director and Owner, Apricot, said that the company was able to renegotiate terms on the majority of the stores thereby bringing improvement in trade.
Consequently, Philip added, Apricot has decided to exit the CVA process earlier than planned, so as to free the business from the restructuring process and for creditors’ dividends to be increased.
The move was unopposed by creditors.
Founded in 2007 by Philip Chaimo and Sophia Ciampa, Apricot’s clothing items are designed in London.
