London-based turnaround specialist RCapital has invested an undisclosed sum in 28 bars and nightclubs operated by the Helena Leisure group.
The bars and nightclubs have been restructured through a company voluntary agreement (CVA). A CVA is a formal procedure that allows a company to agree an arrangement with creditors over restructuring some or all of its debts.
RCapital released a statement and said: “The investment in Helena is a good exapmle of how CVAs can be used as an alternative to a pre-pack to rescue companies in financial difficulties. The CVA is a more transparent procedure than a pre-pack.”
The turnaround firm claims that by funding the CVA, the firm could preserve approximately 340 jobs.