Giraffe and Ed's Easy diner owner sees CVA approved

Boparan Restaurant Group's Company Voluntary Arrangement (CVA) for its Giraffe and Ed's Easy Diner brands has been approved.

The proposal will see the closure of 27 sites, more than a third of the group's 70-site portfolio, with rent reductions agreed in relation to another 13.

Will Wright, restructuring partner at KPMG and joint supervisor of the CVA, said: "This is a critical step forward for the business, allowing Giraffe Concepts to complete its financial restructuring plan and embark on a comprehensive operational transformation programme."

Paul Berkovi, director at KPMG, added: "Today's vote saw a significant majority of all voting creditors choosing to approve the CVA, surpassing the 75% total required in order to pass the resolution."

The restaurant group as a whole operates several high street names including fish and chip chain Harry Ramsdens and Slim Chickens, which are not included in the proposal.

Food industry tycoon Ranjit Boparan acquired part of the Ed's Easy Diner chain in 2016. The deal saw Giraffe Holdings take on 33 branches of the struggling American-style casual dining outlet, leaving 26 in administration.

Giraffe and Ed's Easy Diner sites under threat as operator pursues CVA>>