Creditors of Thai Leisure Group have approved the group's second Company Voluntary Arrangement in a year.
The CVA was approved late last night, securing 90% support from creditors. The group, which was formed in 2005, has 20 sites in the UK across four brands, including Thaikhun, Chaophraya, Yee Rah and Chaobaby.
Ian Leigh, managing director of 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. For their expertise and support throughout the process we are grateful to the team at RSM – particularly Stephanie, Gordon and Damian."
Damian Webb, partner at RSM Restructuring Advisory, which advised on the restructure, added: "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."
Thai Leisure Group underwent a CVA last October to address a number of under-performing sites negatively affected by pressures on the sector.