LEGAL | Staff Reporter, UK

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.

Read the full report here.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.