Pure: files for CVA amidst ongoing diminished London footfall
Talking to Propel, co-founder Spencer Craig covers the situation succinctly:
“We really did not want to do a CVA. It was the last option we
considered. We took every other possible measure but in the end, the lack of
people in central London has led to an unsustainable position for us. And with
government guidance on working from home changing again last week, there is now
unlikely to be any improvement until 2021. We have been a little surprised by
how many people have not wanted to return to see their colleagues or enjoy the
wonders of central London. We love both of these things. London is an ecosystem
of the demand created by the people that work here, visit from its suburbs, and
international tourists.
There are so many wonderful restaurants, shops, theatres, museums, live
events and a public transport infrastructure to support this demand. But if you
remove office workers from this system, there will be far, far less for
everyone to enjoy and then we are into self-fulfilling decline. But we have
faith in London to return. Landlords have been very supportive. They recognise
we are in this together. We have been talking for more than six months and
their support has got us to this point and will continue to allow us to
recover.
Although we had no option other than a CVA in the short-term, we are
confident about what the future holds. In February this year, Pure was an
award-winning, high growth food-to-go business opening our first site in an
airport. We had invested significantly in our older estate with refits and had
an ambitious expansion plan over the next 24 months. Over the medium and
long-term we will find a solution to this crisis because of our incredible
team. Their spirit during the early stages of lock-down and their desire to
improve since our estate has reopened has been inspiring. We will innovate and
come back a stronger business over the next few years.”
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