Fuller’s seeks to shore up cash as Covid burns up to £5m each month
Fuller, Smith & Turner said on Wednesday it received a conditional extension to its debt maturities from its lenders.
The extension comes after the British pub operator warned that its sales would plunge by around 80 per cent for the full year to March 2021.
The company also said it was raising money from the sale of its Class A and Class B shares to weather the Covid storm.
The pandemic has relentlessly shut its businesses and led to a cash burn of between £4m and £5m each month of lockdown.
Optimism
Simon Emeny, CEO of Fuller’s, said the firm has used its time wisely during the Covid crisis to resize its teams, build its digital presence and invest in its properties.
“The last year has been hugely demanding both for our business and the wider hospitality sector but we have risen to the challenges presented by the pandemic to emerge stronger, which is the Fuller’s way.
“The additional financial flexibility we are seeking to put in place will enable us to further capitalise on the opportunities open to us as we execute our recovery plan and regain growth momentum.”