Caffe Nero aims to strike new deal with landlords amid money worries
PUBLISHED: 13:41 13 November 2020 | UPDATED: 15:14 13 November 2020
Struggling coffee shop chain Caffe Nero is approaching its landlords for better terms as it looks enter a company voltunary arrangement (CVA)
Bosses at the chain - which has shops in Ipswich, Woodbridge, Sudbury, Bury St Edmunds, Newmarket, Colchester and Felixstowe - are approaching landlords in an attempt to reduce pressure on the business.
Caffe Nero branches were again forced to close their doors after the country entered a second national lockdown.
You may also want to watch:
Company chief executive Gerry Ford, who founded the business in 1997, said it is “imperative” that the business takes steps to relieve the increased pressure.
Mr Ford said: “Like so many businesses in the hospitality sector, the pandemic has decimated trading, and although we had made significant progress in navigating the financial challenges of the first lockdown, the second lockdown has made it imperative that we take further action.”
The company, which employs 6,000 people, has coffee. It also has two shops in Colchester.
A spokesman for the company told the PA news agency that any closures and job losses would be “minimal”.
If you value what this story gives you, please consider supporting the East Anglian Daily Times. Click the link in the orange box above for details.