Creditors to Thai Leisure Group have approved a Company Voluntary Arrangement (CVA) with 95% support.
The group, which operates 21 restaurants across its Chaophraya and Thaikhun brands across the UK, pursued the CVA to address a number of under-performing sites negatively affected by pressures on the sector.
Managing director, Ian Leigh, said: “Securing 95% support for our proposal and 100% support from landlords highlights the confidence our key stakeholders have in our proposition and brand. I would like to thank all our stakeholders and all our employees for their support during this process. The CVA ensures we can now focus on investing in our sites and brands thereby ensuring the long term success of the business.”
Damian Webb, a retail restructuring partner at RSM who advised Thai Leisure, said: This is a great result for the company and the 95% support of creditors illustrates the strength of the company’s proposition.”
Thai Leisure Group was formed in 2005.