Drake & Morgan to enter a Company Voluntary Arrangement
Bar and restaurant group Drake & Morgan is to enter a Company Voluntary Arrangement (CVA) in order to help it recover from prolonged closures due to the Coronavirus pandemic.
The decision follows a strategic review of the business and will lead to the closure of three of group’s 22 bars and restaurants. All team members in affected sites will be offered alternative roles within the company, it says.
The proposal seeks the support of landlords and, together with the backing of other creditors in recent months, will secure the long-term future of the business, according to the company.