From the administrators' statement

The Company’s CVA was agreed for a period of 5 years. During the 5 year, the Company was unable to pay the contributions as agreed at the outset of the CVA.

The reason being due to the decrease in trade as many businesses in the city opted for flexble working with working from home options either on a hybrid basis or full time. This reduction in revenue meant that the Company could not keep up with the overhead costs, mainly the obligations under the lease and to the landlord as set out in the modified CVA.

A variation of the CVA was proposed to creditors however ultimately rejected. Therefore, the directors sought advise from Michael Kiely and Andrew Andronikou of Quantuma Advisory Limited to determine the options available to the Company, as it had breached the terms of the CVA.

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Replete Limited (06377821)

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