Carluccio's receives creditors' CVA support

Carluccio's receives creditors' CVA support

Carluccio’s has received support from a majority of its creditors for its proposal to enter a Company Voluntary Arrangement (CVA).

The CVA will see a restructuring of the group that will affect up to 30 UK sites that are currently making a loss, and pave the way for an investment programme underpinned by new funding into the business.

“We are pleased that our proposal for a CVA has been approved by our creditors,” says Carluccio’s CEO Mark Jones. “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.”

Closure announcements are to follow in due course.