London restaurant Arros QD CVA receives approval

Mediterranean restaurant and bar Arros in London’s Fitzrovia has seen its creditors approve its CVA proposal.

Accountancy firm RSM advised on the restructuring of the sister company to the Iberica group of restaurants.

The CVA was approved on 30 November achieving 100% support from voting creditors.

The firm said the process has “preserved the employment” of the team and forms a core component of the restaurant’s operational and financial improvement strategy, which principally will see the premises lease integrated into the restructured business on flexible rent terms.

Marcos Fernandez Pardo, CEO at Arros QD said: “These are exceptionally challenging times for our sector and as such we are delighted to have reached such a constructive position with the support of our creditors. This outcome provides us with a strong platform to secure the long-term future and growth of the business.

“We are grateful for the support from all key stakeholders, including the landlord and Santander. This has been a difficult time for many of our team members and I would like to thank everyone for their hard work and commitment throughout this process.”

He added: “Our focus is now ‘business as usual’, supporting all of our team members and continuing to provide a quality and Covid-safe restaurant experience for our guests.”

Gordon Thomson, director at RSM Restructuring Advisory LLP, said: “The approval of the CVA is an important step which ensures that Arros QD has the foundations in place to weather the current unpredictable trading conditions, and to further grow as trade improves.

“Arros QD presents a unique dining experience, which combined with the approach adopted by management and sustainability of the business, has achieved a significant level of stakeholder support.”