Speciality Retail Group’s CVA passes challenge period

  The Speciality Retail Group’s company voluntary arrangement has today passed through the 28-day challenge period.    The cooling-off period allows the group’s creditors to challenge the approved CVA.   Some 98% of the group’s creditors voted in favour of the CVA on 23 February.   Richard Fleming, supervisor of the CVA and UK head of restructuring at KPMG, said: “Despite the public criticism of company voluntary arrangements by the landlord community, the Suits You CVA, having been unchallenged in the 28-day period, now comes into force.   “To ensure the collaborative approach of previous CVAs is sustained, we worked with the landlords of SRG’s loss-making stores to ensure the terms of the CVA met their needs, while protecting the profitable part of the business from certain administration.   “The March rent quarter date may well prove to be the nail in the coffin for retailers who have not traded well over the past few months.    “Make no mistake that administration leaves casualties on both sides, with landlords appearing well down the food chain in the creditor group.”   annabel.dixon@estatesgazette.com