Tossed owner files for CVA
The food retail company plans to convert all its Vital Ingredient stores into Tossed outlets after the process.
The owner of the Tossed and Vital Ingredient businesses is the latest to file plans for a company voluntary agreement (CVA).
Zest Food Ltd worked with David Rubin & Partners on the proposals, which the company says would be the “best way to protect the Tossed brand, provide breathing space for the company, and give strong foundations on which the business can grow in the future.”
The company noted that Tossed remains “in growth”, both in terms of walk-in like-for-likes and new business avenues such as delivery and vending. Zest Food, however, said that restructuring became “unavoidable” due to their Vital Ingredient brand performing “significantly below” expectations after acquiring it last year.
Zest Food also clarified that their proposals do not involve closing any stores in the short term, but require all landlords to accept rent reductions to ensure their store remains “part of a viable estate set up for the long term.”
Once this process is complete, all remaining stores will be converted to the Tossed brand.
