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Coronavirus: Caffè Nero proposes rent changes as part of voluntary arrangement

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Caffè Nero has brought in accountants KPMG to oversee a company voluntary arrangement (CVA) to restructure its finances.

The café chain is looking to renegotiate terms with landlords and creditors, who have until November 30 to vote on the proposal, as it is unclear how long trading will be impacted by the new restrictions.

The idea is to move most stores to turnover-based rent while permanent closures will be minimal.

The company said that the CVA can “better manage its fixed costs moving forward”, the BBC reported.

The coffee shop operator employs 6,000 staff across 800 sites in the UK and another 200 overseas.

Several of them have turned to takeaway-only services during the first shutdowns earlier this year, but it was particularly damaged by working from home trends and its exposure to city centre locations.

“Like so many businesses in the hospitality sector, the pandemic has decimated trading, and although we had made significant progress in navigating the financial challenges of the first lockdown, the second lockdown has made it imperative that we take further action.” said founder and chief executive Gerry Ford.

During the summer, competitors Pret a Manger and Costa Coffee announced they would cut 3,000 jobs and 1,650 roles respectively.

Story by ProactiveInvestors


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