Young & Co's Brewery PLC COVID-19 Update (7116G)
19 Marzo 2020 - 01:00AM
UK Regulatory
TIDMYNGA
RNS Number : 7116G
Young & Co's Brewery PLC
19 March 2020
19 March 2020
Information within this announcement is deemed by Young's to
constitute inside information under the Market Abuse Regulation
(EU) No. 596/2014.
Young & Co.'s Brewery, P.L.C.
("Young's")
COVID-19 Update
Notification pursuant to AIM Rule 11
Young's, the operator of differentiated, premium pubs in London
and Southern England, provides an update following the latest
Government announcement, and the rapidly changing developments
surrounding COVID-19.
During these uncertain times our focus is on protecting our
staff and customers and supporting our tenants.
It is too early at this stage to quantify the impact on earnings
for the remainder of the current financial year without knowing how
long our pubs will be affected. We do expect closure of some or all
of our pubs, at some time, but hopefully only for a short period.
Closure will inevitably impact earnings, but to some extent this
would be mitigated by welcome Government relief on Business
Rates.
Our intention at the moment is to continue to trade our pubs, as
we feel they offer local communities a place of sanctuary in these
uncertain and worrying times. We have introduced very clear
guidelines on 'social-distancing' and are upholding the strictest
health and hygiene measures to protect our customers and our
teams.
Currently, we are doing everything we can to limit the impact on
our amazing teams out in our pubs and to protect pay for all. As
for our tenants, we will be informing them that there will be a
'property' rent holiday for a period of three months, starting this
week.
From a financial perspective, we are taking appropriate measures
to help reduce cost, optimise working capital and protect our
financial position.
We have a very strong balance sheet supported by a predominantly
freehold estate. We also have one of the lowest gearing ratios in
the industry at 25.7% (as reported at our Interim Results in
November 2019) and significant financial headroom within our
existing banking facilities(1) .
Patrick Dardis, Chief Executive of Young's, commented
further:
"These are challenging and uncertain times and we must all come
together to do the right thing during the peak period of Covid-19.
We have a resilient business underpinned by great people who we
will support through this crisis. However, let's be in no doubt
that with pub closures imminent, albeit hopefully for only a short
period, all businesses in our sector will be severely impacted. We
must remember, as painful as this will be, that it will be
temporary, and we look forward to welcoming all our customers back
to our great pubs once we are through this. We remain confident in
our strategy for the business."
(1) The company has committed facilities (from its banks and
private placement lenders) totalling GBP235 million. The company's
net debt to EBITDA covenant is set at 5x.
Ends
Anthony Schroeder
Company Secretary
19 March 2020 (07:00 GMT)
Tel: 020 8875 7000
Contacts:
Young & Co.'s Brewery, P.L.C. 020 8875 7000
Stephen Goodyear, Chairman / Patrick Dardis, Chief Executive
J.P. Morgan Cazenove (AIM nominated adviser and joint broker) 020 7742 4000
James Mitford / Behzad Arbabzadah
Panmure Gordon (joint broker) 020 7886 2500
Erik Anderson
MHP Communications 07551 170 451
Tim Rowntree / Alistair de Kare-Silver youngs@mhpc.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCSFAESAESSESD
(END) Dow Jones Newswires
March 19, 2020 03:00 ET (07:00 GMT)
Young & Co's Brewery (LSE:YNGA)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Young & Co's Brewery (LSE:YNGA)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024