Tapas chain La Tasca is to exit 22 sites after securing a company voluntary agreement (CVA).
The chain will get a 25% rent reduction on a further 19 sites, and will switch to paying monthly rents at its remaining 46 restaurants.
Grant Thornton advised La Tasca on a CVA structure that would allow the firm to move out of sites where rents were unsustainable.
Earlier this year gym chain Fitness First used a CVA to offload 67 sites, while budget hotel chain Travelodge hopes to secure a CVA today. Travelodge has been struggling to meet interest payments on around £1.1bn of debt.
sophia.furber@estatesgazette.com
