Blacks Leisure completes CVA and can concentrate on turnaround

Blacks Leisure has successfully completed its CVA (company voluntary arrangement) that has enabled it to exit 89 leases and concentrate on the remaining better performing rump of its estate that encompasses 314 units.

The company required 75 per cent of creditors to vote for the CVA proposal and it easily surpassed this requirement with 98 per cent supporting the move.

With the business now on a firmer footing it will be possible for management to continue with its turnaround plan that is headed up by chief executive Neil Gillis.

The key objective is to turn around the core outdoor division, which will now be much easier following the offloading of a loss-making subsidiary and batch of loss-making outlets.

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