Kbb News

Posted: 29/06/2010

William Ball reaches agreement with creditors

CVO in place as creditors agree to support the brand.

The first hurdle in the recovery of kitchen furniture William Ball has been overcome with the news that it has reached an agreement with its creditors, following a meeting on 25.June.

A restructuring plan is currently underway, and a business plan is being implemented under the protection of a ‘Company Voluntary Arrangement' (CVA).
Speaking about the agreement Anthony Pratt Acting CEO of William Ball said:

"The CVO is a legally enforceable deal between a company, and its creditors. It places a ring fence around the company and stops creditors pursuing it. It allows a viable but struggling company to repay some or all of its historic debts, out of future profits, over a period of time. It has to be agreed by a vote of creditors, requiring a 75% majority."

He added: "Following a meeting of creditors on Friday 25th June 2010, William Ball Limited is now protected by a CVA. This is a huge step forward for the company, its employees, its customers, its creditors and its shareholders.

"It provides the time that is needed for the new business plan to be fully implemented and it means that, despite the uncertainties of the last few weeks, our customers can continue to trade with us, fully confident in our ongoing support."