Creditors approve Magnet Group CVA

Magnet Group’s creditors and landlords have approved the company voluntary arrangement (CVA) proposed on 30 June.

The proposals received overwhelming support, with more than 90 per cent of voting creditors by value backing the plan.

Approval of the CVA enables the kitchen retailer to proceed with its previously announced property restructuring programme. This will include working with landlords to address unsustainable historic property costs and closing 15 underperforming stores.

The company said the arrangement would protect the vast majority of its estate while supporting its wider transformation.