Discover 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
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