Private equity firm LionRock Capital’s move to acquire a majority stake in footwear group C&J Clark Limited seems likely to succeed.

Creditors of Clarks have agreed a Company Voluntary Arrangement (CVA) that administrators Deloitte have proposed to enable the restructuring of the footwear firm.

LionRock said in early November that it would invest £100 million to help the business build “future, long-term, sustainable growth”, especially in China and other parts of Asia.

A partner at Deloitte, Gavin Maher, said that convincing 90% of creditors to approve the CVA was “an important milestone” for Clarks. He said this and the investment from LionRock would provide a stable platform for the transformation strategy.

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