London's healthy eating quick service chain, Abokado has launched a CVA after becoming the victim of a sophisticated banking fraud, and seeing a sharp fall in sales.
Chief executive Mark Lilley said, “Over the last three years my team have proactively addressed the market conditions and we considered Abokado to be in a good position. The market dynamics during 2019 were unanticipated and their impact has been further compounded by the recent fraud.
'The proposed CVA will put Abokado in the best possible position to move forward in an uncertain environment. It will allow my excellent management team to continue pursuing our vision of bringing freshly made, Pacific-inspired food to more people.'
Launched in 2004, Abokado currently operates 23 outlets, selling crafted coffee, toasted breakfast bagels, freshly made sushi, salads, hot pots and more.