{"id":39327,"date":"2020-11-13T14:39:31","date_gmt":"2020-11-13T14:39:31","guid":{"rendered":"http:\/\/thevoiceoflondon.co.uk\/?p=39327"},"modified":"2020-11-13T14:39:31","modified_gmt":"2020-11-13T14:39:31","slug":"lockdown-2-0-caffe-nero-forced-to-restructure-its-business","status":"publish","type":"post","link":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/lockdown-2-0-caffe-nero-forced-to-restructure-its-business\/","title":{"rendered":"Lockdown 2.0: Caff\u00e8 Nero forced to restructure its business"},"content":{"rendered":"

With the second lockdown in effect, popular coffee chain Caff\u00e8 Nero has been forced to to launch a Company Voluntary Arrangement (CVA), which allows them to renegotiate the terms it has with the landlords, as well as other creditors.<\/strong><\/p>\n

The company employs approximately 6,000 workers and has 800 shops across the UK, in addition to a further 200 shops overseas.<\/span><\/p>\n

Many of the shops have been converted to take-away only shops during the first lockdown in March. However, the coffee chain has said that \u201cthe pandemic has decimated trading\u201d.<\/span><\/p>\n

Caff\u00e8 Nero hopes that the CVA will allow them \u201cto better manage its fixed costs moving forward\u201d and if creditors agree they can continue to trade and pay the creditors over a fixed period of time.<\/span><\/p>\n

Similar to Caff\u00e8 Nero, during the summer, coffee houses Pret a Manger and Costa Coffee have said they will cut 3,000 jobs and 1,650 jobs respectively.<\/span><\/p>\n

While many workers have remained redundant, remaining staff have had to double their shifts, sometimes without breaks, even though shops are still busy.<\/span><\/p>\n

These staff members make the same amount of money, and have to work even if they are unable to, because there is no one to cover shifts.<\/span><\/p>\n

Pret a Manger\u2019s monthly subscription, where you can get \u201cendless\u201d coffees everyday, have lines queuing out onto the streets on most days.<\/span><\/p>\n

Head of restructuring at KPMG Will Wright, who was hired by Caff\u00e8 Nero to help with their finances has said that \u201cin putting forward this CVA proposal, the directors have worked hard to strike a fair compromise with stakeholders to provide the flexibility the business urgently needs to get it through the pandemic.\u201d<\/span><\/p>\n

With all of the focus placed on the business, what about the staff who are now doing twice the workload?<\/span><\/p>\n

 <\/p>\n

Words: Kenya Best | Subbing: Monika Groening\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

With the second lockdown in effect, popular coffee chain Caff\u00e8 Nero has been forced to to launch a Company Voluntary Arrangement (CVA), which allows them to renegotiate the terms it has with the landlords, as…<\/p>\n","protected":false},"author":476,"featured_media":39331,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[],"class_list":["post-39327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/posts\/39327","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/users\/476"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/comments?post=39327"}],"version-history":[{"count":0,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/posts\/39327\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/media\/39331"}],"wp:attachment":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/media?parent=39327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/categories?post=39327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/tags?post=39327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}