La Tasca Restaurants Limited’s proposal for a Company Voluntary Arrangement was passed at meetings of Shareholders and Creditors on 28 August 2012.
La Tasca, the operator of Spanish Tapas Bar & Kitchens, announced on 16 August that it had initiated a Company Voluntary Arrangement (“CVA”), which will be supervised by Grant Thornton UK LLP, and is expected to take approximately six weeks to complete. If successful, it will lead to a restructuring of La Tasca’s lease arrangements.
Seventeen of the Company’s trading units will potentially be closed as part of the proposed restructuring process, with 46 restaurants retained. All units will continue to operate as normal during this process, with the Company increasing its investment to improve the experience for its guests. Once completed, these actions will result in a stronger brand with a strong foundation for future growth.
Commenting on this announcement, Simon Wilkinson, recently appointed CEO of La Tasca, said:
“We have worked hard with Grant Thornton to put in place a CVA structure which will allow us to renegotiate leases at sites where current rent levels are unsustainable. Over the last 12 months the new La Tasca management team has focused all efforts on re-energising the business during an unprecedented period of economic slowdown. The business from a people, cultural, operational and guest perspective has been completely overhauled.”
“La Tasca management is confident that a successful CVA process will secure the company’s future, safeguarding many jobs in the process. We are also confident it will ensure the business
moves forward profitably and attracts new investment, which in turn will allow re-investment in the existing estate and a programme of acquisition and expansion both within the UK and Internationally.”