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aspaceAspace’s former owner was among the only dissenters in the kids furniture retailer agreeing its CVA with creditors last month.


BDO, which is overseeing the company voluntary arrangement, announced earlier this week that over 98 per of unconnected creditors had backed the restructuring plan (see related).


Companies House filings show the CVA will see Aspace make contributions of £5,000 per month for the first two years and £9,000 per month for the residual three years, meaning creditors will get at least £444,000.


Creditor claims top £2.1m, including £393,000 owed — combined — to Chris and Michael Lusty. Both voted against the CVA and were among the only attendees of the creditor’s meeting held in Bristol last month, according to BDO’s filing.


Chris Lusty was the sole owner of Aspace until last year, when his shares were transferred to Caspar Williams. Terms of the share transfer are not known.


Through a company called SourceC.com Ltd, Caspar Williams is owed £965,000, having invested in the children’s furniture specialist in recent years. He is the sole shareholder and one of two directors in SourceC.com, the other director being Gina Lusty.


Aspace Manufacturing Ltd, the kids furniture firm’s production arm, was placed into liquidation through BDO on the same day Aspace Ltd agreed its CVA. Its statement of affairs show that Aspace Manufacturing’s largest creditor was its parent company Aspace Ltd, owed £1.1m, and the taxman, owed £229,326.


In a statement, BDO said: “All employees of Aspace Manufacturing were transferred to Aspace Ltd as part of the restructuring process which has seen Aspace Ltd continue to trade via a Company Voluntary Arrangement. The Joint Liquidators’ priority now is to maximise returns for Aspace Manufacturing’s creditors through a sale of the Company’s assets.”


Related: Creditors back CVA at loss-making kids furniture retailer