Greene King to return 11 Loch Fyne restaurants back to landlords

lochfyne

Greene King has secured approval for its Loch Fyne restaurant business to enter a Company Voluntary Arrangement (CVA) that will see the 11 Lock Fyne seafood restaurants that permanently closed last year returned to landlords, leaving it with 10 restaurants including Edinburgh (pictured), Cambridge, York and London.

A Greene King spokesperson told Propel, “Loch Fyne has been severely impacted by the Covid-19 pandemic and the resulting social restrictions.

“Following advice from an insolvency practitioner, a CVA was proposed to creditors, which has now been approved and will enable us to hand back to landlords a number of sites that are already closed and no longer needed within the Greene King estate.

“There are no job losses as a result of this and we are looking forward to reopening a smaller number of profitable and well-run Loch Fyne restaurants, which will continue trade once restrictions ease.”

The restaurant group started out as part of the Loch Fyne Oysters company in Scotland and was sold to Greene King for£68m in 2007 when it had 36 sites.

Nine of Loch Fyne’s remaining restaurants have reopened for indoor dining.

 

Category: News
Tags: company voluntary arrangement, CVA, Edinburgh, Greene King, Loch Fyne, restaurants