Modella Capital - CVA

Modella Capital, a private investment firm which owns Hobbycraft and The Original Factory Shop, has launched a CVA which reportedly hinges on being able to renegotiate rents at approximately half of its stores.

Hobbycraft is set to close at least 9 stores, impacting approximately 125 jobs, with a further 18 stores subject to closure if deals cannot be reached with landlords. Meanwhile, the company is reportedly looking to negotiate rent cuts at nearly half of its The Original Factory Shop stores, which employ about 2,000 people.

Interpath is handling the CVA.