Apricot switches to turnover-based rent after CVA approval

Apricot switches to turnover-based rent after CVA approval
Apricot's CVA was launched at the end of 2020.
// 13 of Apricot’s 14 standalone shops to switch to turnover-based rent following CVA approval
// The CVA does not include store closures

Apricot has reportedly switched the lease agreements across the majority of its UK stores to one that a turnover rent model.

According to Drapers, the fashion retailer made the switch to turnover-based rents after its CVA was given the green light by creditors last Friday.

The move will affect 13 of Apricot’s 14 standalone shops.

Store closures are not part of the CVA deal, nor are Apricot’s concessions.

Apricot’s CVA was launched at the end of 2020 after rent negotiations with landlords hit a brick wall.

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1 COMMENT

  1. I had some dealings with the Stonemanor / Apricot business a few years back, and whilst I wouldn’t wish ill on any business right now under the current situation, I found them a thoroughly unpleasant business to deal with, so perhaps if they can take that feedback on board, they would have a little more financial bandwidth to play with during situations like this. They do not always know best.

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