< Back to previous page

Focus set for CVA

Published on 24 Aug 2009 under category: legal

A major DIY chain is set to avoid administration today thanks to a company voluntary agreement (CVA), it has been revealed.

Focus is today (August 24th) expected to announce this action, insolvency solicitors may be interested to hear.

It is thought that the agreement will save as many as 5,000 jobs.

Bill Grimsey, chief executive of the group, said that Focus would be making "three times over what we are today" if it were not for the economic downturn.

He added: "But the flexibility of our landlords will save thousands of jobs and that’s why we owe it to them to be wholly transparent in all our dealings."

In other news, earlier this month reports suggested that Chek Whyte, an entrepreneur who appeared on Channel Four's The Secret Millionaire, could be forced into bankruptcy after his bid for an individual voluntary agreement was rejected by HM Revenue and Customs.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.