Carluccio’s, the popular Italian all-day dining restaurant and deli, today announces its proposal to enter a CVA (Company Voluntary Arrangement) has been supported by a majority of its creditors.
The proposal for a CVA was required to restructure the group by facilitating the exit of a minority number of restaurants from its 103 UK sites that are lossmaking. The process will impact up to 30 restaurants. No landlord for the group’s remaining portfolio of locations is affected and nor are any of the group’s other creditors.
The positive outcome of the vote paves the way for a far-reaching investment programme, underpinned by new funding into the business that will drive a comprehensive programme of restaurant refurbishments.
These developments follow a strategic review of the business, led by new CEO Mark Jones, who joined the business in January 2018. Commenting on the vote, Jones said, “We are pleased that our proposal for a CVA has been approved by our creditors. This vote was vital to protect our strong core business and the Carluccio’s brand.
“I would like thank our landlords for their support. We now look forward to a positive future and the on-going development of the Carluccio’s business and of course our passionate people.
“The positive outcome enables us to kick-start an extensive programme of reinvigoration across our estate - with the aim of elevating the guest experience and underpinned by our brand ethos of minimum of fuss, maximum of flavour, which was so passionately championed by our founder Antonio Carluccio.”
Carluccio’s will make further announcements on closures when practicable.