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Written by markf   
Tuesday, 16 June 2009

discover leisureDiscover Leisure CVA is Passed by Creditors Jun 15 2009 The Company Voluntary Arrangement (CVA) for East Yorkshire caravan retailer Discover Leisure plcs main trading subsidiary, Signlease Ltd, has been passed at a creditors meeting in Leeds today.

 

This result allows the business to remain a going concern, to keep trading and to continue the restructuring it began some time ago, offering job security to 300 employees and some certainty to its other stakeholders.

 

Full article here

Source Business Credit Management uk, creditman.co.uk

 

http://www.discover.co.uk/

Update added 7/12/09

 

"Caravan and motor home retailer Discover Leisure has posted a £16.7 million loss but said that the decline in sales of its vehicles was slowing.

Revenues fell from £135.8 million to £84.4 million in the year to August 31, after the closure of 11 branches and a "fundamental decline in sales as consumer confidence fell dramatically".

A major restructuring plan recently saw the group agree a Company Voluntary Agreement (CVA) with its lenders regarding repayment of debts over a certain time period. If the CVA and restructuring had been unsuccessful, the firm faced administration."

 

Source and read full article The Independent ie

 


feed2 Comments
its a bummer
June 28, 2009
82.24.235.25
Votes: +2

Why did discover not think of doing this some 6months ago when there half yearly report came out, when most if not all those involved with the financing of the company knew what was going on?? this would have saved certainly double the amount of jobs within this company, they are blaming a downturn in trade for the downsizing of this company,they bit off more than they can chew, and even more so when the company decided it would be a damn good idea to employ 2people from the failing MFI diy giants that were but have also got smaller now. adrian storr and another chap who was meant to be there for the better have helped put them in the same skip as their former company, and the only people getting rich from this are those that have northernised this company for there own good.AmI right in saying that MFI only have stores in the northern area only now? and it is also abismal to read on the discover website that on the directorships pages some of them have had too many of them in so little time. If you are looking to be a director of a company is this not something you would see as a long term thing for most that want something to work?? Unles you were only in it for the money only to do a runner shortly after you have started directorships??

Everytime I have visited one of their sites it has always been very busy no matter what time of day I go most days, yet they say they are finding it hard through troubled times.since the closure of this company I have been to various other caravan and motorhome places and have all said the same thing, they are stronger now than they have ever been, and they can only thank the euro and rising flight costs for this.

On this note I would like to say I feel very upset of the news of how many may have been made redundant from the 10 site closure over the last 6months and am sorry to say I will no longer be returning to a discover site unless it is that an old site is to be taken over by a new owner.

thanks for listening.

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Mark
December 07, 2009
94.168.124.45
Votes: +0

Updated today with the latest from Discover Leisure

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Last Updated ( Monday, 07 December 2009 )
 
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