Northern Ireland

Retailer Menarys enters voluntary deal with creditors

Menarys, the Northern Ireland fashion chain, has entered a voluntary arrangement with its creditors.

A Creditors Voluntary Arrangement (CVA) is a procedure used by companies which are under financial pressure.

It allows the firm to make a deal with creditors and continue trading. Details filed at Companies House indicate the arrangement took effect on 17 July.

It can sometimes involve a debt write-off or standstill arrangement but the details of the Menarys CVA are unclear.

The most recent accounts for Menarys main firm, Menary's Retail Ltd, show it made a loss of £3.6m in 2013.

That was largely due to an exceptional cost of £2.7m which related to the write-off of loans due from related firms.

Meanwhile, the Coleraine Times has reported that the Tempest store in the town, which is owned by Menarys, will close October.

The paper added that the three concessions within Tempest - Miss Selfridge, Exhibit and Quiz Clothing - will be relocating elsewhere in Coleraine.