GVA to market leasehold portfolio of troubled restaurant chain CAU
Commercial property agency GVA is marketing the leasehold portfolio of troubled steak restaurant chain CAU.
The dining brand’s joint administrators, Matt Smith and Robert Harding from professional services giant Deloitte, have tasked GVA with securing buyers for 22 CAU premises across the UK.
Alan Ryall, from GVA’s national restructuring solutions team, and head of retail, hotels and leisure Stephen Cowperthwaite, are leading the brief.
CAU fell into administration on July 19 with the loss of 540 jobs, according to Sky News.
GVA is now seeking interest on sites in Bath, Blackheath, Bristol, Cambridge, Didsbury, Edinburgh, Glasgow, Guildford, Harrogate, Henley, Katharine Dock, Kingston, Leamington, Leeds, Liverpool, Manchester, Reading, Southampton, Tunbridge, Wimbledon and Wilmslow.
GVA’s Stephen Cowperthwaite said: “CAU represents a strong underlying portfolio of restaurant premises located across the UK, situated within both prime high street locations and destination leisure developments.
“We have received strong interest in large parts of the portfolio and are pleased to be assisting the administrators in the maximisation of value for the benefit of creditors.”
He continued: “We are working alongside our restructuring solutions team extensively at present both on formal and informal projects within the retail and F&B sectors amongst others.
“Specifically within the casual dining market, it is clear that there remains occupier demand for the best trading locations, especially those within destination developments where units rarely come to the open market.”