Focus CVA approved
Published: 24 August 2009
DIY chain pleased with outcome after majority of its creditors vote for company voluntary agreement in today's meetings.
Focus DIY's CVA proposal has been approved today after meetings were held with the company's creditors were held today to consider the proposal.
On one set of votes 99% and 100% of creditors voted in favour across the various entities involved. On the other entity, where the only creditors are landlords and the majority by number are dark stores, the vote was 93% in favour.
Commenting on the result, Focus chief executive Bill Grimsey said: "We are very pleased with the outcome of today's meetings. Throughout this process we have engaged on a transparent basis with all our suppliers and Landlords and we look forward to continue working with them over the years ahead.
"Trading is currently ahead of management expectations and with this CVA now firmly behind us we can concentrate on managing our existing open stores and building on this stable platform to offer the best service to all our customers, suppliers, employees and Landlords."