CVA approved for Greene King’s Loch Fyne business

By Georgi Gyton, MCA

- Last updated on GMT

'Severely impacted': Greene King said it was 'looking forward to reopening a smaller number of profitable and well-run Loch Fyne restaurants, which will continue to trade once restrictions ease'
'Severely impacted': Greene King said it was 'looking forward to reopening a smaller number of profitable and well-run Loch Fyne restaurants, which will continue to trade once restrictions ease'

Related tags: Greene king, Loch fyne, Finance, Property, Food, Pubco + head office

Greene King has had a CVA approved by creditors for its Loch Fyne business, according to reports by MCA Insight.

It is understood the business was working with restructuring firm Resolve and has now exited the leases on 11 sites that the brewer and pub operator announced last October it would not be reopening due to the impact of the pandemic. 

A spokesperson for Greene King said the Loch Fyne business had been “severely impacted” by the pandemic and resulting social restrictions.

“Following advice from an insolvency practitioner, a CVA was proposed to creditors, which has now been approved and will enable us to hand back to landlords a number of sites that are already closed and no longer needed within the Greene King estate,” they said.

Greene King said the process had resulted in no job losses and it was “looking forward to reopening a smaller number of profitable and well-run Loch Fyne restaurants, which will continue to trade once restrictions ease”.

Related topics: Greene King

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