If three quarters of creditors by value of debt do not agree then the company faces liquidation.

The company wants to shut its brickand- mortar stores, and focus on the e-commerce business and locations in Harrods and Selfridges. KPMG has been brought in to manage the process.

KPMG partner Will Wright said, “If approved, the CVA proposal provides Aspinal with a platform from which it can refocus its business on its core online and premium concessions channels, providing a solid and sustainable grounding for the future.”