Gusto looks to CVA to secure its future
Italian restaurant group Gusto has launched a CVA proposal to "secure the future of the business" following the impact of the Covid-19 pandemic.
Gusto operates 18 Italian restaurants across the UK.
It was part of the Living Ventures group before Palatine Private Equity supported a management buy-out in 2014.
A spokesperson for Gusto Italian said: "The Covid-19 pandemic has had a significant impact on our business, like many others in the hospitality sector. Following extensive consultation with advisors, it is clear that a CVA offers the best solution for all of our stakeholders and would secure the future of the business."
In July chief financial officer Frank Bandura told The Caterer: "My hopes are to see the business through this very, very difficult time. Restaurant businesses are not meant to be closed for four months. My real desire is to get the business through the reopening phase and leave it in a really strong position, serving customers and really getting back what it was great at."