Travelodge has confirmed 97 per cent of creditors - including 96 per cent of landlords from all three categories - have backed its Company Voluntary Arrangement (CVA) proposal.

The CVA was launched last month (August) as part of a series of measures to safeguard the long term future of the budget hotel chain, which also included a financial restructuring.

KPMG UK head of restructuring and CVA supervisor Richard Fleming said: "The yes vote enables Travelodge to tackle the underlying problem of its unsustainable lease burden."

Click here for more information on Travelodge's CVA from KPMG.