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LEGAL | Staff Reporter, UK
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Lord Sugar joins challenge to Caffe Nero rescue deal: report

The chain said they “firmly believe” the terms of the CVA.

Alan Sugar, the Amstrad founder and star of The Apprentice, is fuelling a landlord-led revolt against a rescue deal for Caffe Nero, Sky News first reported.

Amsprop Investments, the peer's private commercial property group, is part of seven parties which have lodged a legal challenge aimed at blocking the coffee chain’s company voluntary arrangement (CVA).

Under the plans tabled by Gerry Ford, Caffe Nero's controlling shareholder, landlords would forfeit most of their outstanding rent payments. Landlords were, however, promised full payment of rent arrears as part of a takeover offer proposed just before December's CVA vote by EG Group, the petrol station business run by brothers Mohsin and Zuber Issa.

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