Cotswold Outdoor owner Outdoor & Cycle Concepts has won approval for its CVA by a majority of over 97% of creditors.

As part of the restructuring, the retail group, which also operates Snow+Rock, Runners Need and Cycle Surgery, will shutter four stores over the next three months: Cotswold Outdoor in Peterborough and Ipswich, Cycle Surgery in Highbury and Snow+Rock in Bridgend.

Outdoor & Cycle Concepts (O&CC) will also apply for rent reductions across 50 of its 120 stores and move to paying rent on a monthly basis rather than quarterly as part of the agreement.

Advisors from Grant Thornton have been appointed to oversee the process and have already started to consult with shareholders and landlords.

Employees of the shops affected by the CVA will have the chance to seek alternative employment within other O&CC locations.

O&CC managing director Jose Finch said: “This positive outcome is an important step in our transformation programme to build a stronger future.

“We will now work hard to activate our proposal ensuring that store closures and job losses are kept to a minimum while continuing to offer our customers unparalleled expert service and the very best products from quality brands.”