KNUTSFORD business La Belle Epoque has five years to pay more than £200,000 to HMRC and other creditors.

Under the terms of a Company Voluntary Arrangement the company will have to make 60 monthly payments of at least £2,000 a month for the first year of the CVA, and £4,000 a month for the subsequent four years.

The CVA was sought by the King Street-based business, and was approved at a creditors’ meeting on February 19, when the CVA took effect.

A document from Companies House includes a report on the creditors’ meeting, listing La Belle Epoque creditors as HM Revenue and Customs (£168,080), R D Wines Ltd (£26,905), Harts Ltd (£13,589) and Fiona Bruce and Co LLP (£12,813).

La Belle Epoque Ltd managing director Matthew Mooney told the Guardian: “As a small, local, independent business I am delighted that HMRC have accepted our proposal.

“Companies that receive this seal of approval from HMRC have to clearly show an excellent track record, and must demonstrate that they have conducted themselves to exemplary standards.

“They also have to demonstrate that they have an excellent business plan going forward.

“The whole point of this sort of arrangement is to let good businesses flourish, and its gives them more time to pay HMRC and their utility bills.”

The head office of La Belle Epoque Ltd is 60 King Street, an iconic building owned by Knutsford Town Council, which has the repair and maintenance liability for the exterior of 60 King Street as part of its lease with its tenant, La Belle Epoque.

The proposal for a CVA was approved with modifications by the creditors, and joint supervisors of the arrangement were appointed.

The modifications proposed by the Voluntary Arrangements Service state: “Should any voluntary contributions fall 30 days into arrears or fall below the amount specified in the arrangement and remain so after 30 days this shall constitute a failure of the arrangement, and the Supervisor shall petition for the compulsory winding-up of the company.”

The modifications also specify that the directors of the company shall not enter into any contract or undertaking for the sale of the business.