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Thu 31st May 2018 - Carluccio’s creditors approve CVA
Carluccio’s creditors approve CVA: Carluccio’s has agreed a Company Voluntary Arrangement (CVA), which will affect up to 30 of its UK restaurants. The proposal is a “landlord only” CVA and was supported by the “vast majority” of its creditors having required 75% approval. Carluccio’s stressed it would be “business as usual” at most of its sites. Majority shareholder Landmark Group will now inject £10m of fresh funding into Carluccio’s as part of the deal that will drive a comprehensive programme of restaurant refurbishments. These developments follow a strategic review of the business, led by new chief executive Mark Jones, who joined the business in January 2018. He said: “We are pleased 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 ongoing 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 said it would make further announcements on closures when practicable.

Marston’s drops out of FTSE 250: Marston’s has dropped out of the FTSE 250 as investors continue to be wary about the robustness of pub groups. Earlier this month, Marston’s share price dropped 10% after releasing its half-year results. The company now has a market value of about £620m, and has been relegated in the quarterly reshuffle of the share index. Its share price has been on a slow downward trend for two-and-a-half years, having been trading above 170p in November 2015. It dropped below 100p earlier this month and on Wednesday (30 May) closed at 98.6p, close to a six-year low. Other stocks relegated from the FTSE 250 are Pets at Home, Woodford Patient Capital Trust and Purecircle. Oil companies Energean and Premier Oil have been promoted alongside Integrafin, reports The Business Desk. The changes will take effect from Monday, 18 June.

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