LEGALS

Graham & Green agrees CVA, £6.5m business gets protection from creditors

31.08.2010

Furniture, homeware and lifestyle retailer Graham & Green has agreed a Company Voluntary Arrangement (CVA) with its creditors, including HM Revenue & Customs.

CVAs are designed to help viable businesses, by ringfencing the company from attack by creditors owed money. More than 99% of votes cast at a creditor's meeting earlier this month supported Graham & Green's CVA plan.

The London based company trades via its stores, mail order and the Internet, and features regularly in Britain's home interest media. Despite rapid turnover growth in each of the past 5+ years, it has returned a loss in both of the past two reported periods.

To end March 2009, it made a £0.45m loss on sales of £6.545m. Graham & Green's CVA was assisted by KSA Group, a turnaround specialist trading as Company Rescue.