Leon Announces 244 Job Cuts Amid Administration Turnaround; NVL.N: £12.5M–£10M Annual Losses

Leon announced 244 job cuts since entering administration, with 22 underperforming stores shuttered since December 2024, leaving 573 employees. Administrators report cumulative 2023–2025 losses of £12.5M, £8.3M, and nearly £10M, respectively. Net liabilities stand at £8.4M with an over £15M unsecured debt position, including £2.5M owed to HMRC. A proposed company voluntary agreement aims to service £4.5M in sales, royalties, and lease premiums without asset sales. The chain, co-founded in 2004, was bought back from Asda in October 2024 and is navigating its second CVA after £60M in prior write-downs.