Outdoor & Cycle Concepts, the parent company to UK retailers Snow & Rock, Cycle Surgery, Runners Need and Cotswold Outdoor has launched a CVA proposal in an attempt to stop falling profits, according to statement released by the company.
Outdoor & Cycle Concepts has drafted in Matthew Richards and Alistair Wardel from Grant Thornton LLP to run the CVA, where they are seeking to reduce rents across 50 stores, aiming to shut four unprofitable branches within three months and exit a further three stores immediately.
Outdoor & Cycle Concepts recorded pre-tax losses of £13.7m in 2018.
Retail-week.com is reporting that “The retailer also wants to shift from quarterly to monthly rent across its remaining estate, as well exit the Republic of Ireland where it operates one store in Dublin.
It is understood Outdoor & Cycle Concepts’ parent company AS Adventures will provide increased funding to the struggling retailer on the condition the CVA proposal is approved.”