Fuel Juice Bars is hoping that 2018 will bring more cheer for the company after agreeing a restructuring plan with its creditors.
The fresh fruit smoothie chain’s Company Voluntary Arrangement (CVA) was overwhelmingly approved by its creditors at a meeting just before Christmas, with 100% of creditors supporting the proposal.
Damian Webb, Paul Dounis and Phillip Sykes from RSM Restructuring Advisory LLP were appointed as Supervisors of the CVA at the meeting.
RSM’s specialist retail advisors assisted in putting in place a restructuring plan which focused on stabilising the business and ensuring the on-going success of the vast majority of the sites.
Working closely with the British Property Federation and other key stakeholders, notably landlords, RSM prepared a restructuring proposal which secured the backing of all creditors.
Jamie Weston, the founder who has returned to the position of managing director of the company, said: “I’m delighted that our restructuring process has been successfully completed and have appreciated the overwhelming support we have received from all of our key stakeholders. We are now in great shape going into 2018 and look forward to the continued success of Fuel Juice Bars.”
Damian Webb from RSM Restructuring Advisory, added: “Changing retail trends are clearly impacting on the British High Street, illustrated by the difficulties of well-known high street brands. However, this vote of confidence illustrates there are options available to assist retailers in responding to these trends ensuring their sustainability and success in these challenging times and we are pleased to have helped place Fuel Juice Bars on a strong platform for future growth.”
At the time, analysts claimed the “beauty” of Fuel’s business model, which is focused on shopping malls away from food courts, was that it did not get affected by seasonality because it is located in covered environments with good footfall.