Creditors of luxury clothing retailer Flannels have approved a company voluntary arrangement, which saw 93 in favour of the deal and one against. Big Four firm Deloitte has appointed partners Bill Dawson and Daniel Butters to supervise the CVA. CVAs, which are a type of administration that entitles companies to pay back some or all of their debts on the basis of future profits with the agreement of the majority of creditors, have been welcomed by many in the finance sector as an alternative means to controversial pre-packaged administrations. Under the arrangement, unsecured creditors will receive a dividend of 60p per £1, with trade creditors getting an additional 10p for every £1 in relation to likely retention of title claims and for ongoing supply. Rent negotiations have been made with landlords, which will see a 20% discount of principal rent in 2010 for the 12 remaining stores and the head office, which will become a 10% discount going forward in 2011. The Flannels group is mainly based in the Midlands and north of England. It has become the latest high street store to be saved by a CVA, following Blacks Leisure earlier this month. Dawson said the news was good for creditors, 'as the CVA allows the company to remain as a going concern and maintain its trade'. 'It gives the company and its stakeholders greater certainty as it enters the Christmas trading period and greater job security to around 165 employees,' he added.