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London leathergoods brand files for restructuring

Leathergoods brand Aspinal of London has filed a formal restructuring proposal, a Company Voluntary Arrangement (CVA).

The UK government allows companies to propose a CVA if they become insolvent. They appoint an insolvency practitioner to draw up a proposal for creditors, hoping to secure agreement for paying the money they owe over a fixed period of time. Three-quarters of creditors by debt value must agree to the proposal, otherwise the companies concerned can face liquidation.

Aspinal wants to close its ten independent stores and concentrate on its e-commerce business and on its two concessions in London department stores Harrods and Selfridges. It has engaged consultancy KPMG to manage the CVA.

KPMG partner, Will Wright, said: “If approved, the CVA proposal provides Aspinal with a platform from which it can refocus its business on its core online and premium concessions channels, providing a solid and sustainable grounding for the future.”

He said covid-19 had presented “a number of challenges” for luxury brands, not least the impact of reduced footfall across high street stores.

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