Connect with us

Hi, what are you looking for?

Investing

Leon looks to CVA to help it through lean times

Leon

Leon has appointed advisers to launch a company voluntary arrangement as the self-styled natural fast-food chain seeks to cut its unsustainable rents.

The group, co-founded by Henry Dimbleby, the prime minister’s “food tsar”, has hired Quantuma, a business advisory group, as it continues to suffer a sharp fall in customer numbers as tough Covid-19 restrictions are imposed nationwide.

In particular, it highlighted its exposure to the scarcity of city centre workers, notably in London, where there was also a decline in tourist trade. In the second lockdown, it suffered a 70 per cent fall in sales.

Quantuma said that the Leon CVA “delivers no cuts to existing staffing levels and preserves the majority of the firm’s store footprint”. It said that the controversial insolvency measure was “focused upon ensuring the business can deal with the challenges it is faced with, the uncertainties created by the pandemic and providing a platform to return to a more positive trajectory”.

Leon was launched in 2004 by Mr Dimbleby, 50, a former Bain & Company consultant, in partnership with John Vincent, 49, who remains its chief executive, and Allegra McEvedy, 50, the chef. It has about 75 restaurants in Britai, as well as in Washington, Oslo, Amsterdam, Dublin, Rotterdam and Gran Canaria.

Mr Vincent said: “The CVA is intended to provide the company with a foundation to first survive and then carefully rebuild. We had a growing and profitable business before Covid . . . Continued lockdowns and restrictions have made this CVA a necessity.”

Read more:
Leon looks to CVA to help it through lean times

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

An indigenous group in the Canadian province of Saskatchewan on Thursday said it had found the unmarked graves of an estimated 751 people at...

Economy

A plan by India to build digital databases of farmers to boost their incomes has raised concerns about privacy and the exclusion of poor...

Investing

About 10% of Poundland products are no longer priced at £1, the discount retailer has said. Poundland moved away from pricing everything at £1...

Investing

The BT-owned mobile operator EE is to start charging UK customers to use their phones in Europe, having previously said it had no plans...

Investing

Government plans to restrict junk food advertising on television and online have been criticised by campaigners who say they contain too many exemptions to...

Investing

Deliveroo scored a fresh victory in the legal fight for its riders to be recognised as self-employed yesterday when the Court of Appeal ruled...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!