The value retailer recorded EBITDA of £4.1m in the 52 weeks to March 31, 2019, down 34% year on year.

The business, which recorded a 13% decline in revenue year on year to £161m, won approval for its CVA during the financial period, resulting in the closure of 54 stores.

TOFS, which today operates 168 stores, said the business is “in a stronger and healthier position” as a result of its CVA and has doubled EBITDA in the first half of its current financial year.