13th Oct 2020 19:12
Safestay PLC - hostel operator - To temporarily close eight hostels reducing the available bed stock of the company to 45%, with only eight hostels now open. Simultaneously, all directors, head office employees and senior management will either take a 25% pay reduction or choose to reduce salaries by 40% and receive share options in lieu, Safestay noted. Company added: "Importantly, together with other associated cost reductions, this means that there is no change to the company's forecast cash position." The hostels closing are Madrid, Barcelona PDG, Barcelona Sea, Lisbon, Prague and Bratislava, with the Athens and Pisa hostels will close from November.
Current stock price: 10.35 pence; down 14% on Tuesday
Year-to-date change: down 68%
By Paul McGowan; [email protected]
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