Arros QD undergoes CVA following unanimous stakeholder approval

By James McAllister

- Last updated on GMT

Arros QD London restaurant undergoes CVA following unanimous stakeholder approval Quique Dacosta

Related tags: Restaurant, Fine dining, Spanish cuisine

Arros QD, the rice-focused restaurant in London's Fitzrovia owned by legendary Valencian chef Quique Dacosta, has undergone a Company Voluntary Arrangement (CVA) following unanimous stakeholder approval.

Creditors approved the CVA, which principally will see the restaurants lease integrated into the restructured business on flexible rent terms, last week.

The process has preserved the employment of the team and forms a core component of the restaurant’s operational and financial improvement strategy going forwards.

"These are exceptionally challenging times for our sector and as such we are delighted to have reached such a constructive position with the support of our creditors," says Marcos Fernandez Pardo, chief executive at Arros QD.

"This outcome provides us with a strong platform to secure the long-term future and growth of the business.

"We are grateful for the support from all key stakeholders, including the landlord and Santander. This has been a difficult time for many of our team members and I would like to thank everyone for their hard work and commitment throughout this process.

"Our focus is now ‘business as usual', supporting all of our team members and continuing to provide a quality and Covid-safe restaurant experience for our guests."

RSM advised on the successful restructuring of In Paella Limited t/a Arros QD, sister company to the Iberica group of restaurants. 

"The approval of the CVA is an important step which ensures that Arros QD has the foundations in place to weather the current unpredictable trading conditions, and to further grow as trade improves," adds Gordon Thomson, director at RSM Restructuring Advisory.

"Arros QD presents a unique dining experience, which, combined with the approach adopted by management and sustainability of the business, has achieved a significant level of stakeholder support."

Dacosta opened Arros QD - his first London restaurant - in June 2019.

Related topics: Openings, Restaurant

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