CVA for JTF Wholesale
JTF Wholesale operates eleven mega discount retail warehouses across the Midlands and North of England. Established over 40 years ago, and with a turnover of circa £60 million, JTF was struggling to manage debts accrued as a result of the worsening retail climate and excessive head office costs.
In early 2020 the business was acquired by Arthur Harris who immediately implemented a restructuring plan which significantly reduced head office costs. However, he also recognised that the business could not survive with the high level of legacy debts and acknowledged that a further turnaround was required. As a result he approached ReSolve to advise on options, having been let down by his former restructuring advisors.