Nursery brand Mamas & Papas has reached agreement with creditors on proposals to safeguard the future of its UK retail arm.
Creditors, including landlords of 60 of its UK stores, voted to approve a Company Voluntary Arrangement (CVA) at a meeting in central London yesterday.
The CVA, which was overseen by Deloitte, relates to Mamas & Papas (Retail), the company which operates Mamas & Papas’ UK stores. Other companies in the Huddersfield-based group are unaffected.
Mamas & Papas said it will talk to landlords to implement the CVA proposals, which include plans to reduce rent on certain stores in the UK.
Chairman David Scacchetti said: “This is an important milestone for us. The proposals agreed today not only enable us to cut costs and ensure a profitable retail portfolio but will also create a platform to allow us to continue offering innovative, premium products to customers in the UK and internationally, both in stores and online.
The CVA was launched following the conclusion of a strategic review launched earlier this year. It comes a month after Derek Lovelock was appointed interim CEO.