Thackeray’s the smart one Michelin starred restaurant in Tunbridge Wells has entered into a company voluntary arrangement or CVA after "adverse trading pressures" has forced it into the arrangement.
The celebrity chef Richard Phillips who co owns the restuarant also runs other venues across the county.
If a company finds that it's debts are insurmountable if payment is demanded in full and the directors acknowledge the fact that the company is insolvent (s123 Insolvency Act 1986) but still viable, a company voluntary arrangement (CVA) can be proposed to the creditors. If the creditors agree the proposal, this can enable up to 70% of the unsecured debts to be written off and the remaining debts restructured and repaid over a period of up to 5 years.
Mr Phillips, who has appeared on ready steady cook, lives near Maidstone and took over the restaurant in Tunbridge Wells more than ten years ago.
Many leisure based businesses are suffering as consumers are cutting back spend. However, it is difficult to predict who in the higher income bracket suffer as some luxury brands are doing very well and others not.
My name is Malcolm Gray and I am passionate about rescuing businesses! I aim to inform local businesses what tools Company Rescue can provide to help struggling but viable companies. We use CVA's, CVA and hive downs, pre-pack administrations and liquidations to restructure companies. I will give uptodate news and views on businesses in the area.
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