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Nigel TAYLOR Published
April 22,飞机盗号软件破解 2025
The Original Factory Shop's (TOFS) new owner, Modella Capital, is preparing to cut its store count under the often-preferred company voluntary arrangement (CVA) route to reshape struggling businesses.
TOFS, one of Britain's largest independent discount retailers, is preparing to propose a package of rent cuts to store landlords within days, reported Sky News. The CVA option had been widely expected with reports last month that it could happen.
Modella, which recently agreed to buy WH Smith's high street retail arm, has so far yet to comment.
Property sources cited industry rumours that “significant store closures and job losses” could form part of TOFS' plans, while demands for two-year rent-free periods at some stores are also said to feature.
Modella, which also owns Hobbycraft, bought TOFS from Duke Street Capital two months ago for an unknown sum, before appointing restructuring experts at Interpath to work on restructuring plans.
Sources have speculated that dozens of TOFS stores could close under a CVA, while a major distribution centre is also thought to feature in the proposals. At the time of the takover, TOFS’ workforce is said to numbered about 1,800.
The variety retailer currently a trades from about 180 stores.
Former owner Duke Street had tried to sell the business before, having supported it through the Covid-19 pandemic with a cash injection of more than £10 million.