Carluccio's on verge of announcing CVA
Italian restaurant group Carluccio's is on the verge of confirming a company voluntary arrangement (CVA) for its collection of more than 100 outlets.
It is believed that accountancy firm KPMG has been appointed to oversee the restructing of the business which will see the company reduce its number of sites or seek rent reductions where possible.
Carluccio's is the latest victim of the downturn in casual dining which has already seen the likes of Jamie's Italian, Byron and Prezzo undertake CVAs and announce widespread closures.
Carluccio's was founded Carluccio's Caffe in 1998 by Antonio Carluccio and his then wife Priscilla, with the support of co-directors Simon Kossoff, Stephen Gee and Peter Webber. It wnet on to become known as one of the UK's best-known casual dining chains, offering authentic Italian food at reasonable prices.
Carluccio, who died in November 2017, and his fellow directors sold the business to Dubai-based Landmark Group seven years ago, and Carluccio subsequently acted as a consultant.
The current chief executive of Carluccio's is Mark Jones.
