Last night (20 September), the Thai Leisure Group’s CVA was approved with 90% support from creditors.
Today (21 September), Aldo UK has been sold to the Bushnell Investment Group (BIG).
Ian Leigh, managing director of the Thai Leisure Group said: “We are delighted to have just had our CVA approved. I would like to thank the landlords across our 20 sites and our bank Santander for their ongoing support of our company.
“I would like to thank our numerous suppliers for standing by us and all our loyal, hardworking employees. The CVA allows us to move forward to better times.”
He added: “For their expertise and support throughout the process we are grateful to the team at RSM – particularly Stephanie, Gordon and Damian.”
Lee Bushell, the principal of BIG, said: “This is an exciting opportunity and builds on our recent retail investments. Working with the Aldo Group we believe there is a real opportunity to develop this globally recognised brand in the UK.”
Damian Webb, partner at RSM Restructuring Advisory, said: “These two transactions illustrate that there is a future for traditional retailers. Although trading is difficult it is clear that if parties work closely with their stakeholders it is possible to secure a successful outcome which benefits all parties.”