Ann Summers exits CVA and reduces losses
Lingerie and sex toy retailer Ann Summers has exited its Company Voluntary Arrangement (CVA) and reported reduced losses as a result of its turnaround strategy.
The business has reported a reduced EBITDA loss of £7.2 million in the year to June 2020, compared to a £11.3 million loss in the same period the year before. It also expects a “meaningful return to profit” based on a sales increase of 9.3% to £113.8 million in the year to 2021.
Ann Summers Chief Executive Officer, Jacqueline Gold, told The Telegraph that it had taken advantage of the rise in online shopping and that its return to profit will be driven by the brand's online team, adding that she was looking to open new physical stores in the future.
In December 2020 creditors of Ann Summers cast a vote in favour of a Company Voluntary Arrangement, which switched 25 of its stores onto turnover-base rents. The firm had already agreed new rents with the landlords at 91 of its other branches, prior to announcing the plan.
