The creditors of Giraffe Concepts Limited, the operator of the Ed’s Easy Diner and Giraffe restaurant brands, have approved its proposed company voluntary arrangement (CVA).
Earlier this month, parent company Boparan Restaurant Group (BRG) announced its intentions to close 27 sites and seek rent reductions at others. The company currently holds 70 sites, of which 13 would see a rent reduction under the terms of the CVA.
Will Wright, restructuring partner at KPMG and joint supervisor of the CVA, said: “This is a critical step forward for the business, allowing Giraffe Concepts to complete its financial restructuring plan and embark on a comprehensive operational transformation programme.”
Paul Berkovi, director at KPMG, added: “Today’s vote saw a significant majority of all voting creditors choosing to approve the CVA, surpassing the 75% total required in order to pass the resolution.”