Creditors approve Archant CVA proposal

Creditors approve Archant CVA proposal

The creditors of leading regional publisher Archant have voted to approve the Company Voluntary Arrangement proposal put forward by the business on 1 September 2020.


The approval of the CVA by its creditors is a core component of a wider operational and financial restructuring programme which will see Rcapital acquire a majority stake in Archant’s main trading entity, Archant Community Media Limited (ACML), and inject fresh capital into one of the UK’s longest established local newspaper brands.

Simon Bax, Executive Chairman of Archant, said: “We are pleased that our proposal for a CVA has been approved by our creditors and I would like to thank our employees, creditors and other key stakeholders for their support. We now look forward to a positive future as we embark on the next chapter for our business with Rcapital.”

Chris Pole, joint supervisor of the CVA and partner at KPMG, added: “The approval of the CVA is an important step which ensures that Archant has the foundations in place to progress its financial restructuring and recommence its transformation, turnaround and modernisation plan.”

The vote saw 94% of all voting creditors choosing to approve the CVA, surpassing the 75% total required in order to pass the resolution.

Law firm Mills & Reeve, with a team led by restructuring and insolvency partner Neil Smyth, advised the Archant Group on the restructuring encompassing the CVA and the transaction.


For further information, please contact:

Katy Broomhead, Senior PR Manager

Tel: 0161 246 4623 / 07824 537963


KPMG Press Office: 020 7694 8773

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 17,600 partners and staff.  The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, Legal and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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