Cotswold Outdoor has CVA application approved.

14th May 2019.

The group behind Cotswold Outdoor, Outdoor and Cycle Concepts (O&CC), is moving forward with a CVA after creditors backed a plan that will see stores close and applications for rent reductions across 50 of the company’s 120 stores.

Cotswold Outdoor owner Outdoor & Cycle Concepts has won approval for its CVA by a majority of over 97% of creditors.

Advisers from Grant Thornton have been appointed to oversee the proposals and have begun consulting with key stakeholders, suppliers and landlords.

As part of the restructuring, the retail group, which also operates Snow+Rock, Runners Need and Cycle Surgery, will shut four stores over the next three months: Cotswold Outdoor in Peterborough and Ipswich, Cycle Surgery in Highbury and Snow+Rock in Bridgend.

O&CC will also be applying for rent reductions across 50 of its 120 stores and move to paying rent on a monthly basis rather than quarterly basis as part of the CVA agreement.

Employees of the shops affected by the CVA will have the chance to seek alternative employment within other O&CC locations.

O&CC managing director Jose Finch said: “This positive outcome is an important step in our transformation programme to build a stronger future.

“We will now work hard to activate our proposal ensuring that store closures and job losses are kept to a minimum while continuing to offer our customers unparalleled expert service and the very best products from quality brands.”

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With pressures on the high street it is essential that you stay on top of the credit limits you grant retailers and watch carefully for any late payments.

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About CPA

The Credit Protection Association can help!

Formed in 1914, CPA has been providing credit management services to SMEs for over 100 years.

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