Creditors at AM Widdowson & Son have voted to approve a CVA that will see them paid 36.12p in the pound.
Creditors met to vote on the CVA proposals at the Leicester haulier on Friday 3 July. It was approved ahead of a winding up petition hearing at the High Court of Justice, chancery division, in Manchester on Monday 7 July.
That winding up petition has been dismissed.
Kate Murphy and Conrad Beighton of Leonard Curtis Recovery have been appointed join supervisors of the voluntary arrangement.
A payment schedule stretching to June 2020 has been outlined and if Widdowson fails to pay two monthly contributions of the 60 outlined the supervisors will immediately petition for the compulsory winding-up of the company.
Widdowson owes HMRC some £2.46m in unpaid VAT, PAYE and corporation tax. Creditors responsible for 89% of Widdowson’s debt voted to approve the CVA.
On 16 June the north-west-based investment company HLD Group acquired shares in AM Widdowson & Son. The directors are now MD Peter Stevenson and new owners The Widdowson Corporation, represented by Demis Ohandjanian of HLD Group.
A recovery strategy at the haulier has seen it outline plans for 50 job losses.
