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Clarks creditors approve CVA opening door to new investment
Clarks’ creditors have approved the company voluntary arrangement proposal it launched earlier this month, allowing it to move the majority of its stores to turnover-based rents and opening the door for external investment.
The footwear specialist said the CVA was approved by more than 90% of creditors today, which should in turn now allow for Hong Kong-based private equity firm LionRock Capital to complete its £100m acquisition of a majority stake in the retailer.
LionRock Capital’s takeover of Clarks is still “subject to shareholder approval and the successful completion of a 28-day challenge period on the CVA”.
Clarks chief financial officer Philip de Klerk said: “I am very pleased that the CVA was approved today. This is a significant step towards the formation of our new partnership with LionRock Capital.”
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