Caffè Concerto subsidiary enters CVA
A subsidiary of Caffè Concerto has entered a company voluntary arrangement (CVA), securing the future of three sites.
Speaking to The Caterer, director Stephano Borjak clarified that the main Caffè Concerto company is not proceeding with a CVA. Instead, creditors at Lux Management & Investments Group, a franchisee of Caffè Concerto, which oversees four of its 19 sites, voted to approve the plans this week.
It means venues on Kensington High Street, 45 Haymarket and 28 South Molton Street in London will reopen in April with an outdoor seating area and takeaway offer, if government guidelines allow.
However the landlord of Caffè Concerto at 1 Dover Street took back the site ahead of the voting date. It is understood the landlord expected the group to cover the full £1m in rent from the last year, despite it only being able to trade for around two months last summer.
Borjak said he looking to the future and feeling more positive ahead of outdoor hospitality possibly being allowed to open in April.
"We might open Haymarket or a number of stores with an outside area and can hopefully reopen indoors in May, we are really happy about that," he said.
The wider Caffè Concerto company also runs seven locations in the Middle East.
Photo: Shutterstock
Continue reading
You need to create an account to read this article. It's free and only requires a few basic details.
Already subscribed? Log In
