Itsu hopes CVA will serve up mass rent reductions
Itsu has launched a CVA to secure rent reductions at 53 of its 77 sites, with a further two earmarked for closure.
The grab-and-go chain has said a CVA is the "best solution to support a viable company going forward".
It has confirmed that the business is not up for sale and said it does not anticipate large-scale redundancies, given the small number of sites at risk of closure.
Itsu has said that before the Covid-19 pandemic hit the UK it had been on track for a record year, however several months of closure, social distancing and the impact on footfall in city centres and the financial districts are expected to take a toll into 2021 and beyond.
As well as looking to the CVA, which will be the subject of a vote on 19 August, the group will operate with a streamlined menu going forward and utilise technology to allow self service and pre-ordering.
The proposed nominees of the CVA are Simon Appell, Clare Kennedy and Peter Saville from AlixPartners.
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