Thai Leisure Group has had its proposed Company Voluntary Arrangement (“CVA”) approved by its creditors at a meeting today.
The Company, the operator of the 21 Chaophraya and Thaikhun restaurants across the UK proposed the CVA to address a number of under-performing sites which had been negatively impacted by the well-publicised issues undermining the restaurant sector.
Ian Leigh, the Managing Director of Thai Leisure commented:
'Securing 95 per cent support for our proposal and 100 per cent support from landlords highlights the confidence our key stakeholders have in our proposition and brand. I would like to thank all our stakeholders and all our employees for their support during this process. The CVA ensures we can now focus on investing in our sites and brands thereby ensuring the long term success of the business.'
Damian Webb, a retail restructuring partner at RSM who advised Thai Leisure said:
'This is a great result for the Company and the 95 per cent support of creditors illustrates the strength of the Company’s proposition. This restructuring ensures the Company is well set in what is currently a challenging period for the British restaurant sector.'
RSM's specialist retail restructuring team has recently advised on a number of retail restructurings including the CVAs of Abokado, Aldo UK and Thomas Sabo and the administration of Forever21 (UK) Limited.