Travel and leisure - case study

Company Voluntary Arrangement for international travel group, preserving continuity of trade and improved financial returns to 500 overseas operating partner creditors and 15,000 customers with credit vouchers for future bookings
  • Debt - £10m
  • Turnover - £22m
  • Number of employees – 30 


Travel business with ongoing trade being materially impacted by Covid-19. Management sought to resolve the financial situation through consensual discussions with Creditors, but required a more formal solution following a winding up petition being lodged by a key trade supplier. 


We were appointed to advise the Group on the options and worked closely with management to prepare an innovative CVA that dealt with:

  • Categorisation of trade creditors, offering differing returns based on clear commercial rationale and the date the debts incurred;
  • Secured debt and future interest cost compromise, whilst providing additional ongoing additional working capital and funding support;
  • Exclusion of commercially sensitive and confidential supplier information from the Proposals with court consent;
  • Built in flexibility to deal with the ongoing uncertain economic trading environment, helping to maximise the chances of the CVA being a success over a 3 year period. 


Strong creditor engagement and communication with over 15,000 international customers and suppliers.

CVA successfully approved with 99% creditor support and lending facilities restructured. Outcome ranges to creditors of 50-100p in the £ being significantly higher than a formal insolvency scenario.

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