UK's Shoon enters CVA

By

Cajsa Lykke Carlson

Published
May 7, 2015

Shoon, a UK footwear retailer, has entered into a Company Voluntary Arrangement. This is subject to a vote by creditors and shareholders on May 22, reported Drapers.

Photo: Shoon

The CVA is being overseen by Leonard Curtis, an insolvency firm. Shoon employs 160 people and has 10 stores. The company’s managing director Mark Pinnock told Drapers: “It’s part of the restructuring of the business and a result of the previous management’s decisions. It’s the right process to move forward with and will protect the core part of the business, which is healthy. The strategy will involve some store closures, but there will be minimal redundancies.”

According to its most recent accounts filed at Company House, Shoon made a pre-tax loss of £1.3m on sales of £8.3m for the year to February 1, 2014.