Clarks CVA has been approved by its creditors, allowing it to move 70 stores to turnover based rents. The CVA approval has also enabled Hong-Kong based private equity firm LionRock Capital to complete its £100 million acquisition majority stake in the retailer. The takeover is still “subject to shareholder approval and the successful completion of a 28-day challenge period on the CVA”.

Clarks chief financial officer Philip de Klerk said: “I am very pleased that the CVA was approved today. This is a significant step towards the formation of our new partnership with LionRock Capital.”