Munich Cricket Club Limited, which operates three Bavarian style bierkellers in London, has completed the first year of its Company Voluntary Arrangement (CVA) with Antony Batty & Company. This case study sets out the background to the Company’s financial difficulties, why a CVA was chosen as the route to recovery, how the arrangement was implemented and the positive progress made in its first twelve months.
Background to the Company’s financial difficulties
Munich Cricket Club Limited built a loyal following across London for its Bavarian Bierkeller experience. Its three sites at Tower Hill, Victoria and Canary Wharf remain popular venues for everything from Oktoberfest celebrations to weekly Munich Mondays.
As with much of the hospitality sector, the Company emerged from the Covid pandemic carrying a significant burden of debt. This was despite trading as a fundamentally viable business with an established customer base and strong site locations. Rather than allowing this debt hangover to threaten the future of the business, the directors took early professional advice from Antony Batty & Company on the options available to them.
Why a Company Voluntary Arrangement (CVA) was proposed
A Company Voluntary Arrangement was identified as the most effective route to deal with the historic debt built up during the pandemic while allowing the business to continue trading. A CVA offered the Company the ability to:
- restructure historic liabilities into a programme of affordable contributions payable over an agreed term
- continue trading without interruption, preserving the business built up across its three London sites
- deliver a materially better return to creditors than they would have received through a Creditors Voluntary Liquidation (CVL)
A CVL would have brought trading to an end, whereas a CVA allowed the underlying business to continue while its historic debts were dealt with in a controlled and legally binding way.
Implementing the CVA
Antony Batty & Company Ltd were engaged to advise the directors and to prepare the CVA proposal for consideration by creditors, with Licensed Insolvency Practitioner Antony Batty acting as Nominee and John Baalham leading the team as senior manager on the case.
Creditors voted overwhelmingly in favour of the proposal on 21st May 2025, and Antony Batty was appointed Supervisor of the arrangement. The CVA provides for creditors to be repaid in full, 100 pence in the pound, over a five-year term.
Outcome of the Company Voluntary Arrangement (CVA) to date
Twelve months into the arrangement, Munich Cricket Club Limited has reached an important milestone. The Company continues to trade successfully across all three of its London sites, has met its obligations under the CVA in full, and remains on course to repay its creditors 100 pence in the pound over the full five-year term.
There are still four years of the arrangement to go, but reaching the first anniversary is an important achievement for Munich Cricket Club and we are delighted to see the progress they have made.
Antony Batty commented:
“A CVA can be an excellent rescue tool, enabling a company to survive, saving jobs and giving creditors a better return than they would get in a liquidation.”
Could your business benefit from a Company Voluntary Arrangement?
Antony Batty & Company has over 25 years’ experience advising directors on Company Voluntary Arrangements and wider business turnaround. During that time we have supervised over 170 CVAs, helping viable businesses protect jobs, preserve trading relationships and deliver significantly better returns to creditors than liquidation.
Take a look at our main CVA page for more about how a Company Voluntary Arrangement can be used to restructure a business, or read how we have helped other companies through this process, including our case studies on Electric Guitar PLC, the restructuring and relisting of LSE listed companies, and Be Military Fit.
Many businesses facing financial pressure assume liquidation is their only option, when in reality a Company Voluntary Arrangement may offer a route to recovery, provided the underlying business is viable and creditors can be shown a realistic and better return.
Contact us or call us on 0208 088 0633 for more details on this specialist area of insolvency. The initial discussion is FREE.
Frequently Asked Questions About Company Voluntary Arrangements (CVAs)
What is a Company Voluntary Arrangement (CVA)?
A Company Voluntary Arrangement is a legally binding agreement between a company and its creditors that allows historic debts to be repaid over an agreed period while the business continues to trade.
How long does a CVA last?
The term of a CVA depends on the individual proposal agreed with creditors. Munich Cricket Club Limited’s CVA runs for five years, with creditors on course to receive 100 pence in the pound over that period.
Do the directors lose control of the business during a CVA?
No. Unlike liquidation, a CVA allows the existing directors to remain in control of the business, trading as normal, subject to the oversight of a Supervisor appointed to monitor compliance with the terms of the arrangement.
Do creditors have to approve a CVA?
Yes. A CVA requires the approval of creditors. In the case of Munich Cricket Club Limited, creditors voted overwhelmingly in favour of the proposal on 21 May 2025.
Why would a company choose a CVA instead of liquidation?
A CVA can protect jobs, preserve trading relationships with suppliers and landlords, and deliver a significantly better return to creditors than liquidation would typically achieve, provided the underlying business is viable.
