LEGAL | Staff Reporter, UK

Thai restaurant group Busaba gets CVA approval

The concept was acquired by nui Capital earlier this year.

The company voluntary agreement (CVA) proposal of Thai restaurant group Busaba has been approved by creditors, the latest in casual dining chains to feel the brunt of the coronavirus pandemic.

As part of the restructuring process, it will exit leases in Oxford Circus, Manchester, St Albans and Reading.

Busaba was acquired by London-based buyout specialist Tnui Capital earlier this year. According to documents filed at Companies House, Tnui Asset Finance Ltd has £21 million worth of equity in the company, giving them 71% of creditor voting rights.

HMRC, Shaftesbury and the City of London, meanwhile, voted against the proposals.

Photo credit: Busaba Facebook

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