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Itsu to start CVA but sale not on the cards

East-Asian inspired grab-and-go chain, itsu is preparing to undertake a company voluntary arrangement, which proposes rent cuts at 53 of its 77 locations, and two closures.

The company said that a CVA is the 'best solution to support a viable company going forward'.

The CVA, which is being overseen by advisers at AlixPartners, will not include a sale or new investment being sought, and large-scale redundancies are not part of the plan.

Creditors will vote on the CVA proposals on 19 August.

Before the pandemic, Itsu had been heading for a record year, but after months of closure, figures will struggle to rise again this year.