Lenders to Caffe Nero have brought in financial advisers ahead of a business restructure after being hit by the devastating effects of shutdown. Alcentra and Partners Group – which provide mezzanine debt to Caffe Nero, one of the country’s biggest coffee shop chains – have drafted in FTI Consulting to advise on the implications of a company voluntary arrangement. Caffe Nero would hold talks with the British Property Federation, which represents commercial landlords, on Friday to discuss the CVA plans. Sources told Sky News that while a final decision on a CVA had yet to be taken, it was likely to be announced later this month. A CVA would enable Caffe Nero to reduce its rent liabilities and exit loss-making stores If it gets launched, it would be the most recent insolvency mechanism unveiled by a major High Street hospitality business this year. Caffe Nero, like its rivals such as Pret a Manger, has been heavily impacted by the reduced footfall in city centres as millions of Britons work from home. The company operates 660 stores across the UK, more than 90 per cent of which had reopened after the original shutdown ended in June. Caffe Nero, which is working… Read full this story
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