Retailer Ann Summers has exited its Company Voluntary Arrangement (CVA) and reported reduced losses as a result of its turnaround strategy.
The business has reported a reduced EBITDA loss of £7.2 million in the year to June 2020, compared to a £11.3 million loss in the same period the year before. It also expects a “meaningful return to profit” based on a sales increase of 9.3% to £113.8 million in the year to 2021.
The return of the business to profitability and funding position will enable Ann Summers to exit the company voluntary arrangement (CVA) it entered into with landlords in December 2020, it said. Only 25 of its 91 stores will be affected, as revised terms have been agreed with landlords on the rest of the estate. No store closures are planned.
