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Carluccio’s could close as part of restructure

 Published on: 6th June 2018   |   By: Jason Allen   |   Category: Uncategorized

The St Albans branch of Italian restaurant Carluccio’s could be closing after the chain announced that 34 of its restaurants may be shut as part of restructuring plans.

The restaurant is seeking approval from landlords to cut rents as part of a Company Voluntary Agreement (CVA) plan, whereby an insolvent company can pay creditors over a fixed period while continuing to trade.

The CVA has been put together by restructuring advisers KPMG and, should they be accepted, would allow for the restaurant to pay reduced rent for six months while the board engages with landlords about possible closures.

These discussions will remain open until Thursday, May 31 and Carluccio’s will need to have gained approval from 75 per cent of creditors for the plan to go ahead.

A spokesperson for Carluccio’s said: “We have had to take the very difficult decision to potentially close our St Albans site due to rising business costs and unsustainable rental levels.

“We would welcome any discussions with the landlord that allow us to keep the restaurant open and trading, protect jobs and allow us to invest in this restaurant for the local community.

“This closure in no way reflects the passion and commitment displayed by our team and we thank them for their hard work along with all our loyal customers who have supported their local Carluccio’s.”

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