Magnet Group secures approval for CVA proposals from creditors

Magnet Group has today announced that its creditors, including landlords, have approved the Company Voluntary Arrangement proposed on 30th June 2026, marking an important milestone in the business’s transformation. The CVA is focused on Magnet’s store estate and includes the closure of 15 Magnet stores that are underperforming.

According to Interpath, which is overseeing the proposal, it was overwhelmingly supported by over 90% of voting creditors by value, demonstrating 'strong confidence' in the business and enabling Magnet to move forward with the property restructuring plans previously announced.

Sophie Rose, CEO of Magnet Group, said: “Today’s result is a huge vote of confidence in Magnet and a significant step forward in our wider transformation. It gives us a clear and structured route to address the historic property costs that have been holding the business back, while protecting the vast majority of our estate and maintaining customer relationships.”