Select slated to launch CVA following administration

Select creditors
// Select is expected to take out a CVA this week
// The fashion retailer went into administration on May 9

Select is forecast to launch a CVA this week following its administration on May 9.

Last week, the fashion retailer appointed Andrew Andronikou, Brian Burke and Carl Jackson of advisory firm Quantuma as joint administrators.

“The CVA is most probably going to be launched at the end of this week or early next week, we are still working on the shape of the CVA,” Andronikou told Drapers.

Select boss Cafer Mahiroğlu – who bought the company out of administration in 2008 – told Drapers the CVA would help revive the retailer.

“There will be no shop closures or redundancies. The economy has been difficult over the last few years, but I know it is set to get better over the next two years,” he said.

Select currently has around 1800 staff members and operates from 169 stores.

No redundancies have taken place since the company’s administration.

Meanwhile, the CVA would be Select’s second one in just over a year after it took one out last April which helped the company cut rent costs by up to 75 per cent and save almost 2000 jobs.

Furthermore, Select reported its turnover was £116.7 million for the 18 months to December 2, 2017, and it made an operating loss of £15.5 million.

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