Hicks Baker attends CVA’s seminar
Hicks Baker’s Director of Retail & Leisure Fiona Brownfoot was invited by the Turnaround Management Association (UK) Ltd to be one of a panel of three experts in the retail field to discuss the prevalence of Commercial Voluntary Arrangements (CVA’s) this year, and the impact that this had on retail landlords and the wider retail market.
Joining Fiona were Steve Pell of Hilco and Ross Connock of PwC. 2018 has so far seen House of Fraser, New Look, Gaucho, Children’s World, Conviviality Retailing (Bargain Booze and Wine Rack), Toys ‘R’ Us, Maplin’s and Warren Evans, amongst others, enter CVA’s, which is an unprecedented number. The full impact of some of these CVA’s has yet to be felt and the repercussions for landlords in particular are considerable.
Whilst it was agreed by all that CVA’s can be particularly harsh for a landlord, the principle behind the process remains valid and will occasionally allow a struggling business to get back on its feet and continue to trade.
For more information please contact Fiona on firstname.lastname@example.org.