ReSolve achieves successful 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 £55million, JTF found themselves 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.
ReSolve was engaged to review the options available alongside the management team and it was agreed that promoting a CVA (Company Voluntary Agreement) with creditors would enable JTF Wholesale to continue to trade.