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Thu 17th May 2018 - Carluccio’s CVA imminent
Carluccio’s CVA imminent: Carluccio’s is on the verge of entering into a Company Voluntary Arrangement (CVA), Propel understands. The majority of Carluccio’s 103 UK restaurants are profitable but a tail of sites – thought to be about 30 in total – are marginal or loss-making and weighing on the wider group. Propel has learned the CVA could be entered into as early as today (Thursday, 17 May) after restaurant staff have been briefed. The CVA would only apply to landlords in the UK. No suppliers or creditors would be affected and neither would the 14 restaurants Carluccio’s operates overseas. If the CVA is put in place, the process will be run by KPMG. All creditors would vote on the CVA and it would need to receive the support of 75% to be approved. Propel understands if the CVA goes through, landlords of the affected restaurants would be given a number of options. If Carluccio’s decided to close a site it would not do so for six months unless the landlord wanted the property back immediately. Carluccio’s is also willing to enter into talks with landlords to see if new terms can be agreed. KPMG was appointed to look at the group’s strategic options following a change of leadership, with former chief executive Neil Wickers stepping down in January after three years in the post. He was replaced by Goals Soccer Centres boss Mark Jones, who previously headed Pizza Hut’s UK business. Carluccio’s was co-founded by Antonio Carluccio, the restaurateur and television chef, who died last November. He cut his stake substantially more than a decade ago. In its latest accounts available at Companies House, Carluccio’s reported UK turnover increased by 2.7% to £140.9m for the year ending 25 September 2016. Ebitda before non-cash exceptional expenses fell 12% to £13.2m (2015: £15.0m). It is believed the Ebitda performance has declined significantly further during the 2016/17 financial year.

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