Outdoor retail group Outdoor & Cycle Concepts, has announced the terms of a CVA Proposal proposed by the directors of the Company which will see it closing four stores across its portfolio.
A Creditors’ Meeting was held to consider the CVA which was approved by a majority of over 97 per cent in value of the unsecured creditors of the Company present at the meeting in person or by proxy (including by the requisite majority of those unsecured creditors which are unconnected with the Company).
The Company continues to trade under the control of the directors, operating as a going concern.
Commenting on the approval of the proposal, Jose Finch, Managing Director of O&CC, said: “We are delighted that our CVA application has been approved by a large majority and would like to thank our suppliers and industry partners for their overwhelming support and commitment to our business. This positive outcome is an important step in our transformation programme to build a stronger future. We will now work hard to activate our proposal ensuring that store closures and job losses are kept to a minimum whilst continuing to offer our customers unparalleled expert service and the very best products from quality brands”.
As part of the transformation there will be an immediate impact on four stores over the next three months, – Cotswold Outdoor, Peterborough; Cotswold Outdoor, Ipswich; Cycle Surgery, Highbury and Snow+Rock, Bridgend.
A comprehensive support service will be implemented to support colleagues affected by the closures, with the opportunity to seek alternative employment within O&CC if they wish.