Restaurants seem to be having a difficult start to the year with Byron and Jamie's Italian both announcing closures over the last few weeks. Landlords who are contacted by their tenants about any proposed CVAs need to act quickly to find out how they are likely to be affected.
Jamie’s Italian CVA approved By Amber Rolt09/02/2018 | LeisurePrintDownloadShare Jamie Oliver will close 12 Jamie’s Italian restaurants after 95% of creditors approved a CVA. The process will allow the chain to secure rent reductions on the remaining estate and to close the unprofitable stores. The chain also closed six restaurants last year. Oliver said this was a result of rising costs caused by the Brexit vote and challenging market conditions. Jamie’s has 25 restaurants in the UK and 28 overseas.