Aspinal of London launches CVA in bid to shutter stores and move online

If successful, the CVA would result in the closure of all its UK stores as the retailer looks to capitalise on its popularity abroad by moving online, as originally reported by The Telegraph.

The accessories retailer operates 10 stores across the UK, as well as concessions in Selfridges and Harrods, and employs around 300 people.

Exact details of the proposed CVA have not been revealed, but Aspinal of London has reportedly put forward Will Wright from KPMG as a nominee.

Aspinal of London needs 75% of its creditors to back the deal in order to get the CVA approved.

Wright said: “Covid-19 has presented a number of challenges for those operating in retail and the luxury goods sector, not least the impact of reduced footfall across high street stores.

“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.”

Aspinal of London is the latest in a string of retailers to undergo financial difficulties amid the coronavirus pandemic, after New Look’s CVA was approved earlier this week.

Other British brands, such as Cath Kidston and TM Lewin, have also fallen prey to the impacts of the pandemic.