Latest news with #CVA
South Wales Argus
2 days ago
- Business
- South Wales Argus
Italian restaurant Gusto on the brink of administration
According to reports from Sky News, Interpath Advisory is preparing a pre-pack insolvency of Gusto. However, sources share that the chain may be bought by Cherry Equity Partners, the owners of the Latin American restaurant chain, Cabana. If the deal were to go through, it would likely see the business take over most of Gusto's sites, but would also see job losses. Gusto is heading for administration, reports suggest Sky News reports that a deal is expected to be announced in the coming days, according to insiders. The restaurant sector has also recently seen some financial changes following the increase in the National Insurance levels for employers and an increase in the national minimum wage. Across the UK, Gusto has 14 restaurants, in the likes of Birmingham, Edinburgh, Leeds, Liverpool, Manchester, Newcastle, Nottingham and Oxford. As well as locations in Alderly Edge, Cheadle Hulme, Cookridge, Didsbury, Heswall and Kuntsford. Gusto's collapse comes after Matt Snell left his role as CEO of the business after more than seven years with the group and was replaced by Paul Moran. Recommended Reading Previously, in September 2020, Gusto completed a CVA (Company Voluntary Arrangement) to save the business's future and save more than 600 jobs. At the time of the CVA, Matt Snell said: "The last six months have been the most challenging in the history of our business. and the wider sector. 'The passing of the CVA is an important milestone, securing the future of the Gusto business and protecting more than 600 jobs.' Gusto has been contacted for a comment.
The Herald Scotland
2 days ago
- Business
- The Herald Scotland
Italian restaurant Gusto on the brink of administration
However, sources share that the chain may be bought by Cherry Equity Partners, the owners of the Latin American restaurant chain, Cabana. If the deal were to go through, it would likely see the business take over most of Gusto's sites, but would also see job losses. Gusto is heading for administration, reports suggest Sky News reports that a deal is expected to be announced in the coming days, according to insiders. The restaurant sector has also recently seen some financial changes following the increase in the National Insurance levels for employers and an increase in the national minimum wage. Across the UK, Gusto has 14 restaurants, in the likes of Birmingham, Edinburgh, Leeds, Liverpool, Manchester, Newcastle, Nottingham and Oxford. As well as locations in Alderly Edge, Cheadle Hulme, Cookridge, Didsbury, Heswall and Kuntsford. Gusto's collapse comes after Matt Snell left his role as CEO of the business after more than seven years with the group and was replaced by Paul Moran. Recommended Reading Previously, in September 2020, Gusto completed a CVA (Company Voluntary Arrangement) to save the business's future and save more than 600 jobs. At the time of the CVA, Matt Snell said: "The last six months have been the most challenging in the history of our business. and the wider sector. 'The passing of the CVA is an important milestone, securing the future of the Gusto business and protecting more than 600 jobs.' Gusto has been contacted for a comment.
The Herald Scotland
24-07-2025
- Business
- The Herald Scotland
Glasgow coffee roaster sees two achieve prestigious accreditation
They are part of a group of less than 150 certified Q Graders in the UK, the qualification is a rare distinction and a major milestone for Matthew Algie. MacGilp said: 'To have not one, but two Q Graders in-house puts us in the top tier of coffee roasters across the UK and Ireland. This isn't just a personal achievement for Gosia and me – it's a significant step for Matthew Algie and our partners across the supply chain.' The Q Grader certification is widely regarded as the coffee industry's equivalent to a wine sommelier or Master of Wine. It formally recognises the sensory expertise required to evaluate, score and communicate the quality of coffee according to a globally standardised process. Originally developed by the Coffee Quality Institute (CQI), the programme has now been fully integrated into the SCA's Coffee Value Assessment (CVA) framework, with a greater focus on holistic evaluation and inclusivity across coffee types – including Robusta. Read More Pret A Manger to trial new 'made-to-order' format with Broughty Ferry store Candidates must pass more than 20 sensory and technical assessments – from blind cupping to triangulation and aroma recognition. MacGilp, who first qualified under the CQI system more than a decade ago, described the recertification process as 'every bit as rigorous and humbling' as her original experience. MacGilp, who believes the qualification will become 'essential' in the industry, added: 'There's no shortcut to becoming a Q Grader. You need to have cupped hundreds, if not thousands, of coffees, developing a sensory library in your mind that allows you to distinguish the subtle flavour, texture, and aroma differences in coffees from around the world. 'In fine dining, you expect a sommelier. We believe in a future where specialty coffee professionals are held to the same standard.' Lendzioszek, who entered the coffee industry through barista work nearly two decades ago, described earning her Q Grader badge as like earning a 'black belt in coffee'. She said: 'This isn't the end of the road – if anything, it's the beginning. Sensory analysis is a skill that takes years to build, and what excites me most is sharing that passion with customers, colleagues, and other coffee professionals.' The recognition also highlights the growing role of women in a historically male-dominated corner of the coffee industry. 'We hope our achievement sends a message to aspiring sensory specialists – especially young women – that this space is open to you. Your senses are a tool – they can be trained, developed, and trusted.' Matthew Algie, which last year marked its 160th anniversary, supplies coffee, machines, equipment, and training to thousands of organisations throughout the UK and Ireland across industries including hospitality, education, and the public sector, has made the move as part of its ambitious plan to achieve Net Zero by 2040.
Chicago Tribune
23-07-2025
- Business
- Chicago Tribune
Convention authority to pay for Gary Air Show with commissioner's help
After a slow start in fundraising, the South Shore Convention and Visitors Authority will fully foot the bill for the Gary Air Show – with a little help from a Lake County Commissioner. Lake County Commissioner Kyle Allen Jr., D-1, is chipping in $25,000 toward the show, SSCVA Events and Facilities Chief Kristin Taylor told the CVA Board at its July 18 meeting. The board approved an interlocal agreement with commissioners with a 9-0 vote. 'We've now raised $200,000 more than last year and $150,000 more than in 2023,' Taylor said. 'We keep having bad weather, but you keep raising more money each year,' Board President Andy Qunell said. Allen had the money to give via a lawsuit settlement with Monsanto, he told the Post-Tribune Tuesday. He and Commissioners Mike Repay, D-2, and Jerry Tippy, R-3, divided the settlement three ways to spend in the community as they see fit. 'I've spent mine on various charitable causes, anywhere from $500 to bigger donations like the air show,' Allen said. The Gary Air Show came back to Northwest Indiana in 2023 — with the SSCVA as its sponsor — after a seven-year hiatus for various reasons, including the COVID-19 pandemic and financial challenges, the Post-Tribune previously reported. Launched in 2000 by former Gary Mayor Scott King, the city of Gary took over the airshow operations from SSCVA in 2015 after SSCVA started sponsoring it in 2006 because of the city's financial woes. Back then, officials estimated the two-day show cost about $350,000 and drew thousands to the lakefront. The city offset some of that cost in 2015 when it started charging $30, $20 and $10 for parking, the Post-Tribune reported. Last year, the air show cost $580,000, including a $50,000 monetary contribution and an in-kind security donation from the city of Gary, the Post-Tribune previously reported, while it cost $630,000 in 2023. The city will provide in-kind security again this year, Taylor said. In other business, the CVA is 'working really hard' to reconcile a -$266,198.48 balance in its legal fund, Chief Financial Officer Nicole Wolverton and President and CEO Phil Taillon told the Post-Tribune. Between scaling back event sponsorships and other costs, and Taylor's fundraising efforts, Wolverton expects they'll be able to transfer funds to cover the shortfall before the end of the fiscal year, she said. According to the organization's June Appropriations Report, the CVA has spent $406,198.48 in legal fees this year after allocating $150,000 for legal funds in 2025. 'I'm not concerned that we won't be able to cover it,' Taillon said of the deficit, adding that he plans to go before the Lake County Council before it's time for the CVA to work on its 2026 budget to explain where they are in the lawsuit with former CVA President and CEO Speros Batistatos. Batistatos sued the SSCVA in August 2022, one month after being fired, alleging the agency violated the law and mishandled contract renegotiations because of his age and misspent federal Payroll Protection Plan funds in violation of the CARES Act. The county council on Nov. 12, with Lake County Councilman Randy Niemeyer, R-Cedar Lake, voting against it, approved the SSCVA's proposed 2025 budget of $6,614,000, a $15,000 increase from the agency's 2024 numbers, according to Post-Tribune archives.
Fashion United
18-07-2025
- Business
- Fashion United
From New Look to Select Fashion: Inside the retail collapse threatening the UK high street
The UK retail landscape continues to face mounting challenges. Amid rising operational costs, the long-tail impact of the pandemic and ongoing supply chain disruptions, many businesses are navigating an increasingly volatile environment. An uncertain outlook remains for a significant portion of the sector – and the country is on track to see a record number of store closures in 2025. According to the Centre for Retail Research, an estimated 17,349 stores are expected to shut their doors this year, surpassing levels recorded in 2022. The rise in business rates under the current government – including higher National Insurance contributions and an increase in the minimum wage – has emerged as a core concern for retailers. Added to this is intensifying competition from digital-first, low-cost players such as Shein and Boohoo. While several mid-market fashion retailers are actively responding to these challenges, others remain in recovery — and some have already exited the market. The following offers a snapshot of how UK retailers are faring amid ongoing pressures. New Look New Look's journey in recent years has been a one of twists and turns. The retailer filed for a Company Voluntary Arrangement (CVA) in 2018 amid declining performance, secured a capital raise in the following year and, in 2020, found itself at risk of administration in the wake of the pandemic. Despite refinancing schemes, digital innovations and investments into specific retail networks, trouble has continued to follow New Look into the present year, during which reports have emerged of accelerated store closures and job losses. By February, the retailer confirmed the liquidation of its Irish business, with 26 stores in the region set to close. This already followed the closure of 12 stores across England, Scotland and Wales earlier in the year, prompted by changes to business rates in the UK, including an increase on National Insurance. The latest speculation is that New Look could be eyeing a sale of the business, with a report in June suggesting the retailer had appointed advisors to review strategic options. River Island In June, Sky News reported that River Island was drawing up a rescue strategy, the details of which became clearer later in the month, when the retailer confirmed plans to close 33 of its 230 UK stores. Rent reductions have also been proposed across 71 further locations, subject to a creditor vote scheduled for August 4, with a court decision to follow later. In its latest financial report, River Island posted a loss of 33.2 million pounds in 2023, following a 19 percent drop in sales. In the filing, the company cited 'pressures of a highly competitive and changing retail environment combined with increased economic uncertainty' as key business risks. Supply chain disruptions and labour price increases were also noted. Claire's For Claire's, 2023 was a year that showed promise. After filing for bankruptcy in 2018, the teen-focused accessories retailer seemed to be getting back on its feet, refreshing its brand identity, partnering with large-scale retailers on concessions and committing to new stores in key regions. Despite its efforts, the UK arm of Claire's fell into the red, according to financials for the year ended March 2024, racking up 25 million pounds in losses. Now, in the current year, its future is uncertain. In late June, reports began circulating that Claire's was eyeing a sale of its store networks in North America and Europe. The company, currently owned by a consortium of investment firms, is facing a 480 million dollar loan repayment, due in December 2026, which has been cited as the reason for the alleged review. Later in July, additional reports hinted at the possibility of a major geographical break up of its business. While in the US, the retailer was said to be mulling a Chapter 11 filing, in the UK, advisors were believed to have been appointed to oversee a rescue plan. Seraphine While solely operating via an online presence, Seraphine has attracted the attention of acquisition-hungry British retail giants, which have reportedly already begun circling the maternity wear brand shortly after its descent into administration. Next and Frasers Group are believed to be among the suitors considering a rescue of the label, which had cited 'trading challenges' from 'fragile consumer confidence' as the cause of its downfall. Quiz Quiz had already initiated a restructuring of its business in 2020, however, despite marginal signs of improvement over the years that followed – with efforts spanning a strategic review to a change in leadership – the retailer was ultimately unable to climb back on the horse. Warning signs began mounting towards the end of 2023, and by December 2024, the company was preparing to delist from AIM and had called in advisors. In February 2025, consultancy firm Teneo was ultimately appointed to oversee the administration of Zandra Retail Limited, Quiz's wholly-owned subsidiary operating its standalone UK and Irish retail stores. While 23 'loss-making' sites were to close, 42 stores, as well as brand and online operations, were saved by Orion Retail Limited, the firm of Quiz's founding family, which agreed to acquire certain assets of Zandra. Now moving forward as a private company with a leaner structure, Quiz continues to operate online, via concessions and internationally, with all such divisions remaining unaffected by the administration. Poundland Budget retailer Poundland had become a sore spot for its former owner Pepco Group. So much so that the Polish retail giant ultimately offloaded the company onto Laura Ashley's former owner, Gordon Brothers. Days after the firm's acquisition, Poundland confirmed the closure of up to 150 stores as part of a court-sanctioned restructuring, with 650 to 700 UK stores expected to be retained. Further shifts under Gordon Brothers' 80 million pound proposed turnaround plan include the whittling down of its distribution centre network and a refocus on clothing and general merchandise. The plan is currently subject to court approval and only impacts creditors in the UK. Poundland's operations in the Republic of Ireland and Isle of Man, where it trades under Dealz, are covered by the turnaround, nor are its trade suppliers in the UK or ROI. A court timetable is expected to conclude in late summer. Beales Storied department store chain Beales had struggled to recover after falling into administration in January 2020. Shortly after, it closed 22 of its remaining 23 branches, with only one, its location in Poole, remaining under the guidance of New Start 2020 Limited. In 2021, additional stores in Peterborough and Southport were also reintroduced, however, these locations ultimately closed and, by September 2024, its Poole store was the last standing. The lifespan of this site was also not to be much longer. It eventually closed in May 2025, ending Beales' 140 years of trading. Select Fashion Select Fashion entered its second administration since 2019 earlier this year, citing the cost-of-living crisis, wage pressure and tax increases as the primary causes. The latest filing came shortly after the company filed for a CVA yet, as difficulties escalated, it was forced to appoint administrators to assess all options for the business. As a result, the company closed 35 of its 83 stores, with those remaining reportedly still operationally as the firm assesses the situation. Employees at the shuttered stores were said to have been left without pay, with those impacted advised to apply for the government's Redundancy Payment Scheme. Following store closures, a winding up procedure was reportedly triggered in March 2025. The Original Factory Shop The Original Factory Shop (TOFS) slipped into a loss in 2023 and, after struggling to regain ground, was put up for sale by its former owner Duke Street. Private equity firm Modella Capital stepped in to acquire the company's 180 stores and, weeks later, enacted a restructuring plan under newly appointed advisors Interpath. In April, it was announced that the retailer had launched a CVA, with plans to renegotiate the rents of around 88 of its locations. Such plans were then confirmed in June, with closures confirmed for branches in Pembrokeshire, Perth, Dorset and Cumbria, among other locations, many of which shuttered in July. Winfields Outdoors Winfields Outdoors' financial deterioration seemingly began in 2023, when it swung to a pre-tax loss of one million pounds as revenue dropped nearly 9 percent. Little was shared about the company's efforts to turn such performance around, however, in March 2025, it filed a Notice of Intention to Appoint Administrators, formally signalling financial challenges. Winfields moved to close all of its eight stores before entering administration under Cowgill in April. Its website later displayed the message that it had ceased trading as of April 3, however, the company found itself being accused of cancelling or not fulfilling customer orders, or delaying refunds.
