Today, 22 June 2018, at a meeting in London House of Fraser requested that its creditors approve a Company Voluntary Arrangement (CVA). A CVA is an insolvency procedure, which is used by companies to allow them to restructure their business and liabilities. House of Fraser needed 75% of its creditors to approve the CVA and had stated that if it was not approved the company would go into administration.
The CVA vote has been approved. This means the House of Fraser in Camberley will be staying open at least until January 2019.
In a joint statement Karen Whelan, Chief Executive, Surrey Heath Borough Council and Councillor Moira Gibson, Leader of Surrey Heath Borough Council, said;
“It is positive news that the CVA vote was approved today. This means that, providing all goes to plan, House of Fraser will remain in Camberley until at least the new year. The CVA is the start of the consultation process and SHBC will continue to work with House of Fraser’s management team to demonstrate the store has a viable future in Camberley. As we stated on 7th June, when House of Fraser made the CVA announcement, we would like to see House of Fraser remain part of Camberley’s future and we are firmly committed to doing what we can to assist that.
Camberley is in the process of major regeneration. Several significant projects are taking place now and also scheduled for the near future. These include the £8 million refurbishment of The Square shopping centre, the High Street has received £4.4 million in funding from Enterprise M3 LEP and SHBC to improve the roads and pavements. Ashwood House is being transformed into 116 high quality apartments. In addition, the large five-acre site at the top of the town by the London Road is now open for developers to register their interest.
Regeneration of a town involves a huge amount of change, creation and rebuilding, which requires a flexible and long-term business model. We have factored in difficult times as well as the generation of new business as the projects reach completion. Long term we are confident in the future of Camberley and its economic prosperity.”
Camberley Be Inspired
To date SHBC has invested £140 million into Camberley; which includes the acquisition and subsequent refurbishment of The Square shopping centre, acquisition of Ashwood House a former office building which is currently being redeveloped into 116 high quality residential apartments. Substantial projects to improve the town centre car parks, Princess Way and the High Street are in the pipeline which will be followed by the regeneration of the area along London Road (A30) between the High Street and Park Street and opposite the historic Royal Military Academy Sandhurst. Find out more here.