9th Apr 2020 18:37
(Alliance News) - Crest Nicholson Holdings PLC on Thursday said it has furloughed three-quarters of its staff and added that it has qualified to apply for the UK government's Covid Corporate Financing Facility.
The Covid Corporate Financing Facility is designed to help larger firms maintain liquidity amid disruption caused by the Covid-19 outbreak, through the purchase of short-term debt in the form of commercial paper.
The FTSE-250 listed housebuilder said arrangements to fully shut down operations are expected to conclude by Friday. It added that it will ensure that furloughed employees receive their full pay entitlements until the end of May at which time the furlough arrangements will be reviewed.
"These are challenging and difficult times for all of us. I am hugely grateful to all Crest Nicholson employees who have pulled together and taken swift action to protect the interests of colleagues, customers and shareholders. We look forward to being able to resume our operations when it is safe to do so," said Chief Executive Peter Truscott.
Crest Nicholson shares closed 5.5% higher at 249.20 pence each on Thursday morning in London.
By Ife Taiwo; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Crest Nicholson