Leon, one of Britain’s most prominent restaurant chains, has served creditors with a restructuring plan that includes a multimillion pound investment from shareholders to secure its future.
Sky News has learnt that the company, which was co-founded by Boris Johnson‘s ‘food tsar’, Henry Dimbleby, circulated details of a company voluntary arrangement (CVA) to landlords and lenders on Tuesday.
The proposals, which require creditor approval, would see four of Leon’s restaurants switch to a rent-free model.
The majority of its 60 outlets will switch to turnover-based rents – an increasingly common framework for coronavirus-battered hospitality and retail businesses.
A deluge of CVAs have, however, sparked a backlash from commercial la…
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