Caffè Nero: High Court Rejects CVA Challenge

On 29 September 2021, the English High Court rejected a challenge made in respect of Caffè Nero’s company voluntary arrangement (“CVA”), brought by a landlord on the grounds of material irregularity and unfair prejudice. The single disgruntled landlord, with the backing of the EG Group (“EG”) (who were interested in acquiring Caffè Nero), argued that the directors of the company and the CVA nominees breached their duties in refusing to adjourn or postpone the electronic voting process to vote on the CVA, after EG had submitted an eleventh-hour offer for Caffè Nero.

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