Robert Goddard: No job losses or shop closure after financial restructuring approved
Business / Wed 12th Jul 2023 at 09:21am
UPMARKET fashion group Robert Goddard’s company voluntary arrangement (CVA) has been approved, with backing from 90% of its creditors reports costar.com
CoStar News revealed this week that the group was pursuing the first use of the contentious restructuring procedure in two years.
Robert Goddard has 10 stores at Water Gardens Shopping Centre in Harlow, plus Biggleswade, Huntingdon, Wisbech, Camberley, Hitchin, Newbury, and Peterborough.
There will be no store closures as a result of the CVA and the 100 staff at the businesses across the south east will be unaffected.
Robert Goodard says it needs to reduce its fixed costs and overheads and the CVA batches the stores into different categories where it is seeking different concessions and rent reductions from landlords.
Typically it occupies these stores on 10-year leases paying in excess of £100,000 a year.
At its Category A stores at Harlow, Wisbech, Spalding, Peterborough and Newbury, where landlords include Standard Life, Invesco, Hitchin Property Trust and Midland Bridge it will continue to pay rents as before as well as arrears.
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