The new owner of the original factory shop (TOFs), one of the main British independent reduction retailers, is preparing to unveil a set of wild rent discounts for its store owners.
Sky News understands that Modella Capital – which recently agreed to buy the arm of rue de Wh Smith – finalizes the plans for a voluntary arrangement (CVA) of the AFOF company.
City sources have declared that the CVA – which requires the approval of the court – could be revealed in a few days.
Real estate sources have cited rumors of the industry according to which important store closures and job losses could be part of the tofs plans, while requests for two -year -old periods in certain stores are also appeared.
A Modella spokesperson refused to comment.
Modella, which also owns Hobbycraft, bought Tofs from its former owner, Duke Street Capital, barely two months ago.
Almost immediately, he hired restructuring experts at Interpath to work on the plans.
Sources have hypothesized that dozens of tofs stores could close under a CVA, while a major distribution center is also supposed to appear in the proposals.
Any CVA known as “led by owners” who triggered store closures would inevitably result in job losses among the workforce of tofs, which would have the number of around 1,800 people at the time of taking control.
Tofs, which sells beauty brands such as the Oreal, the Adidas sports clothing label and DIY tools made by Black & Decker, are negotiated from around 180 stores.
The chain, founded in 1969, was bought by the investment company Duke Street in 2007.
Duke Street had already tried to sell the business, after having supported it through the COVVI-19 pandemic with a cash injection of more than 10 million pounds sterling.