Warrens reduces CVA payments to protect business

first_imgWarrens Bakery has cut its minimum Company Voluntary Arrangement (CVA) payments after warning it needed to do so to continue trading.The CVA was agreed with its suppliers and landlords last December following a major restructure by the business, which shut around 20 shops and closed its factory in St Just.A CVA is a process that enables a company to negotiate the repayment of its debt, rather than filing for liquidation or insolvency.In March 2020, the company extended five-year loan facilities with its bank on improved terms to support cash-flow going forward.However, Covid-19 and lockdown had ‘significantly impacted’ Warrens, with the business closing all shops other than hospital sites. The shops have since reopened on reduced hours.Warrens told British Baker that landlords have been supportive during the outbreak, assisting with rental holidays and other reliefs.As a result of the impact on the business and restriction to trade, Warrens proposed reducing the terms of the CVA to limit payments to £5,000 a month until June 2021, down from the previously agreed £24,000. This was consequently agreed with landlords, who Warrens described as ‘fully supportive’.In Warrens’ latest accounts filing at Companies House, for the year to 30 June 2019, the company had stated “it is management’s view that a revised agreement is required to continue trading”.The company’s accounts also revealed turnover rose in the year, up from £17.3m in 2018 to £18.6m, while operating loss was reduced from £692,000 to £387,000.“During recent years, with Brexit impacts, changing consumer behaviours and most recently Covid, we have faced significant challenges, but we’ve evolved and adapted to meet different consumer needs in a new economy,” said Warrens chairman Mark Sullivan.“As always, the road may not be straight and it will always have a few commercial potholes, Covid being one that nobody could have anticipated, but we’re now making our way forward energetically and optimistically as a leading hot food-to-go specialist and one of the UK’s leading craft bakeries.”The business added that it saw prospects to consolidate and expand in a targeted manner.last_img read more

Lessons of the Week: Lea Michele, Ramin Karimloo & More

first_imgThe time has come, the day is here…it’s Friday! Before we prepare for a weekend of champagne and caviar (fine, beer and Netflix), let’s take a trip down memory lane, shall we? We learned a lot of crazy stuff this week, from the college role Celia Keenan-Bolger would rather forget to the Glee co-star that Lea Michelle actually did forget. So without further ado, we present the Lessons of the Week!Lea Michele Forgot Her Glee MomSpring Awakening alum Lea Michele released a memoir/how-to-guide/cookbook this week—but she somehow failed to include If/Then star Idina Menzel in her list of favorite Glee guest stars of all time. Lea! How dare you leave out the momma who bore you?! You’re grounded, young lady.A Ladder Can’t Stop Ramin KarimlooAs he’s already established, Les Miserables headliner Ramin Karimloo isn’t a fan of ringing cell phones, but he kept some impressive composure as crew members talked, dropped things and carried ladders through his “Bring Him Home” sound check. JVJ’s gotta pick his battles.Life Isn’t a Cabaret For CKBWe assume Tony nominee Celia Keenan-Bolger would have been perfectly marvelous as Sally Bowles in her college production of Cabaret, but she insists she was embarrassingly terrible. We’ll be the judge of that, CKB. Videos or it didn’t happen.The R.M.S. Titanic Can’t Catch a BreakGodspeed, ship of dreams! Oh, wait. Maybe not. The Broadway revival of Titanic has been postponed, so sadly you won’t get to see Jack and Rose and all their friends try to escape certain death in 2014-15. Wait, they’re not in it? What’s the musical even about, then?!Daniel Radcliffe Is a Flaky FriendWhen Michael C. Hall found out his pal Daniel Radcliffe was starring in The Cripple of Inishmaan, he ran right over to see his performance. But did Radcliffe return the favor and see The Realistic Joneses? Nope. Dan Rad, we weren’t going to bring this up, but you also forgot our birthday.Hedwig Fans are HandsyNeil Patrick Harris kisses, motorboats and “car washes” lucky audience members every night in Hedwig and the Angry Inch—but he was still surprised when a patron slipped him a little tongue at a recent performance. Sorry about that, Neil. We just couldn’t contain ourselves.James Snyder Sells Merch Part-TimeIn his Broadway.com video blog, If/Then star James Snyder has been showing us some of the odd jobs he does around the theater to make ends meet. This week, he took us to the merch table, where he (unsuccessfully) tried to sell a patron a CD. James, we could use an extra hand at Broadway.com—do you do windows?The Kings of New York Live in UtahWatch out, Barden Treblemakers, there’s a new group of hunky singing dudes on the scene. BYU Vocal Point, an a cappella group at Utah’s Brigham Young University, released an impressive one-shot video of the students performing a gorgeous Newsies medley. Wow, that’s some serious seizing the day, guys.Andy Karl Is Starving! Please Send FoodYou’d think downing raw eggs every night would be enough sustenance for the Rocky headliner, but Andy Karl says all that punching and running is making him crave food constantly. Please send peanut butter cups immediately, c/o Broadway.com, 729 7th Ave., New York, NY, 10019. We’ll make sure he gets them.B’way Stars Are High on Life (& Drugs)When we asked the starry crowd at the Drama League luncheon which substances they were hopped up on that afternoon, we got a variety of weird answers, including kombucha tea, oatmeal, gum, green tea, cold medicine and God. Geez, doesn’t anyone just smoke crack anymore? View Commentslast_img read more