Spice Private Equity : December 1, 2020 – LEON to propose CVA

Press Release

Leon Restaurants to propose Company Voluntary Arrangement

Zug, 1 December 2020

As noted in our prior communications, the COVID-19 pandemic has presented Leon Restaurants Limited ("the Company" or "Leon"), one of Spice PE's investees, with significant challenges, many of which are ongoing. Leon's restaurant estate predominantly consists of central London locations, where passing footfall and office occupancy continue to be severely depressed. Whilst Leon has been able to continue to operate, relying on its take-away business model and strong delivery and click-and-collect capabilities, the pandemic has caused meaningful reductions in restaurants sales in many locations. Those effects were further accentuated recently with the announcement of new lockdown measures in the UK in early November.

As a result of the continuing uncertainties around how much longer the effects of the pandemic will disrupt and curtail Leon's ability to operate profitably, the Leon management believes that the best course of action to secure the Company's future is by seeking support of shareholders and creditors in a Company Voluntary Arrangement ("CVA"). Leon's CVA proposal has been filed with the High Court of Justice of England and Wales today. The CVA should be submitted to a vote by shareholders and creditors in the coming weeks. If approved, the CVA will enable Leon to achieve a compromise in respect of certain liabilities, particularly rent arrears, as well as improved rent terms going forward. Additionally, Leon will be able to obtain improved financing arrangements, with extended payment terms and additional covenants' testing flexibility. Leon may also benefit from equity commitments from its main shareholders should the cash position of Leon so require. Spice PE's share of the equity commitment should represent a maximum exposure of GBP 1.7m.

Spice PE and its investment advisor will continue to offer extensive support to the Company as it navigates these challenging conditions.

For further information, please contact: Rodrigo Boscolo

Investor & Media Relations Phone: [phone]

Email:[e-mail]:www.spice-private-equity.com

About Spice Private Equity Ltd.

Spice Private Equity Ltd. is an investment company focused on global private equity investments.

Its investments are held by Spice (Bermuda), Ltd. and managed by GP Advisors (Bermuda), Ltd., a whole subsidiary of GP Investments, Ltd. a leading alternative investments firm known for its operationally oriented approach and active management model. Spice Private Equity Ltd. is listed on the SIX Swiss Exchange under the ticker symbol SPCE.

About Leon Restaurants Limited

LEON is a UK based, globally ambitious natural fast food chain. The company joined the food scene in, 2005 when it was named the Best New Restaurant in the UK by The Observer, a British newspaper. LEON offers Mediterranean dishes and a natural menu at reasonable prices.

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