Yo! Sushi creditors approve CVA proposal

Japanese restaurant group Yo! Sushi has announced that their Company Voluntary Arrangement (CVA) proposal has been approved in a move that will see 19 of its 69 sites permanently close.

The CVA, which was proposed on 14 August, will enable Yo! to make "essential changes" to its restaurant portfolio and adapt to the challenges brought about by the Covid-19 pandemic.

Richard Hodgson, chief executive of Yo! said he was pleased that the group's creditors had supported them in Tuesday's vote in what were "exceptionally challenging times" for the sector.

He added: "This will ensure Yo! has a solid foundation to continue to adapt to the changes brought about by Covid-19 and allows us to focus on reopening remaining sites and rolling out our new restaurant model.

"I know this has been a difficult time for many of our team members and once again I want to thank everyone for their hard work and support throughout this process."

Clare Boardman and Daniel Butters, both restructuring services partners at Deloitte LLP, are joint supervisors to the CVA.

Last month it was reported that Yo! had earmarked 19 "unsustainable" or "loss making" sites for closure after launching a CVA to reduce overheads in the UK.

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