Date Posted: Friday 18th September 2020
Aspinal of London has launched a Company Voluntary Arrangement (CVA) proposal. Founded in 2004 and employing over 300 staff, Aspinal operates as an e-commerce business alongside 10 stores located in city centres throughout the UK and also concessions in Harrods and Selfridges. KPMG has said that the brand has been "impacted profoundly by the impact of the COVID-19 pandemic on consumers confidence and footfall."
Will Wright, the proposed nominee of the CVA and partner at KPMG, commented: “Covid-19 has presented a number of challenges for those operating in retail and the luxury goods sector, not least the impact of reduced footfall across high street stores. “If approved, the CVA proposal provides Aspinal with a platform from which it can refocus its business on its core online and premium concessions channels, providing a solid and sustainable grounding for the future.”
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