Kitchen retailer Magnet Group today announced that its creditors, including landlords, have approved the Company Voluntary Arrangement (CVA) proposed on 30th June, marking "an important milestone in the business’ transformation".
The proposal was overwhelmingly supported by over 90% of voting creditors by value, "demonstrating strong confidence in the business and enabling Magnet to move forward with the property restructuring plans previously announced".
Sophie Rose, CEO of Magnet Group, says: “Today’s result is a huge vote of confidence in Magnet and a significant step forward in our wider transformation. It gives us a clear and structured route to address the historic property costs that have been holding the business back, while protecting the vast majority of our estate and maintaining customer relationships.”
