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Body Shop administrators plotting CVA - report
(Sharecast News) - Administrators to The Body Shop are reportedly drawing up plans to launch a further restructuring process in a bid to salvage a future for the well-known high street brand. According to Sky News, insolvency practitioners at FRP Advisory have outlined proposals to launch a company voluntary arrangement (CVA) that would see The Body Shop entering talks with landlords about rent cuts, as well as other creditors.
According to proposals sent to The Body Shop's creditors on Friday morning, which lay bare the depths of the financial problems inherited by the investor which bought the company less than four months ago, a CVA would "allow the company to be rescued and exit from administration".
This would see it continuing to trade under the ownership of Aurelius, the investment firm which took control of it at the start of the year.
"In the event that a CVA cannot be agreed, the joint administrators will proceed with a sale of the business and assets," FRP said in its report.
A CVA, which would not be expected to result in further store closures, would need the approval of creditors in order to be adopted.
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