Thai Leisure Group enters second CVA in a year

By James McAllister

- Last updated on GMT

Thai Leisure Group enters second CVA in a year

Related tags: CVA

Thai Leisure Group is to enter in to its second Company Voluntary Arrangement (CVA) in less than 12 months, after proposals were approved by creditors late last night (20 September).

The restructuring, which was advised on by RSM, secured 90% support from creditors.

It is the second CVA the group has entered into in less than a year, with a previous arrangement​ agreed by 95% of creditors in October 2019.

Thai Leisure Group currently operates 20 restaurants in total under brands including the Thaikhun casual dining chain and more high-end Chaophraya.

The group was founded in Leeds in 2005.

"We are delighted to have just had our CVA approved," says Ian Leigh, managing director of Thai Leisure Group.

"I would like to thank the landlords across our 20 sites and our bank Santander for their ongoing support of our company. I would like to thank our numerous suppliers for standing by us and all our loyal, hardworking employees.  

"The CVA allows us to move forward to better times. For their expertise and support throughout the process we are grateful to the team at RSM."

Damian Webb, partner at RSM Restructuring Advisory, adds: “Although trading is difficult it is clear that if parties work closely with their stakeholders it is possible to secure a successful outcome which benefits all parties.”

Related topics: Business

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