Magnet Proposes Closure of 15 Stores Under Company Voluntary Arrangement
- brg_news_room
- Jul 2
- 1 min read
UK: Magnet has proposed a Company Voluntary Arrangement (CVA) as part of its restructuring plan, which includes the closure of 15 underperforming stores to improve the business's financial position.
The proposal follows the retailer's acquisition by private equity firm Alteri Partners earlier this year, after former parent company Nobia exited the UK market. According to Magnet, the CVA is intended to reduce legacy property costs, strengthen the business, and support its return to sustainable profitability. The restructuring process will be managed by Natasha Harbinson, Will Wright, and Chris Pole of Interpath.
A CVA allows financially distressed companies to repay a portion of their debts over an agreed period, subject to approval by creditors. If approved, the arrangement will enable Magnet to address high property-related costs in a structured manner.
Magnet currently operates 159 stores across the UK. Under the proposal, 15 stores—representing approximately 9.4% of its retail network—will close, while the remaining 144 stores will continue normal operations.
Source: Magnet
