Although exact details of the proposal have not yet been clarified, it is expected that the proposal will be in line with other CVA proposals that stipulate store closures and job cuts.
Founded in 2001 by Iain Burton to create beautifully handcrafted stationery for the Natural History Museum before moving on to selling high-quality leather goods. Now trading from 10 stores across the UK as well as an online store and other department stores such as Harrods and Selfridges, the British retailer is the latest to feel the hard-hitting effects of the Coronavirus-induced lockdowns.
Will Wright from KPMG has been put forward as the proposed nominee for the CVA and has commented on the news: “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.”
The CVA is still in early stages; however it is known that the proposal will need to be backed by 75 per cent of the brand’s creditors.