RSM has advised on the restructurings of the Thai Leisure Group and Aldo UK, preserving over 700 jobs and protecting over £30m of investment.
The advisory and corporate restructuring firm announced that a CVA for The Thai Leisure Group has recently been approved, having secured 90% support from creditors.
Ian Leigh, managing director of the Thai Leisure Group, said: “We are delighted to have just had our CVA approved. I would like to thank the landlords across our 20 sites and our bank Santander for their ongoing support of our company. I would like to thank our numerous suppliers for standing by us and all our loyal, hardworking employees.
"The CVA allows us to move forward to better times. For their expertise and support throughout the process we are grateful to the team at RSM.”
RSM also advised on the UK trade and assets of Aldo UK, the shoe and accessory retailer, which were sold on September 21 to the Bushell Investment Group (BIG).
Since the appointment of administrators in May, the business has successfully traded during a difficult period in which three additional stores have been opened. Supported by the Aldo Group, this sale maintains and strengthens the Aldo brand within the UK.
Lee Bushell, principal of BIG, said: “This is an exciting opportunity and builds on our recent retail investments. Working with the Aldo Group we believe there is a real opportunity to develop this globally recognised brand in the UK.”
Damian Webb, partner at RSM Restructuring Advisory, said: “These two transactions illustrate that there is a future for traditional retailers. Although trading is difficult it is clear that if parties work closely with their stakeholders it is possible to secure a successful outcome which benefits all parties.”