24th Jun 2020 08:45
(Alliance News) - JD Wetherspoon PLC on Wednesday said its lenders have approved a GBP48.3 million loan through the UK government-backed Coronavirus Large Business Interruption Scheme.
The FTSE 250-listed pub owner secured the loan amid plans to reopen its pubs in England in line with new government guidance set out by UK Prime Minister Boris Johnson on Tuesday.
The company said it will adhere to its "Wetherspoon Covid-19 Secure Operating Plan" which outlines how it intends to safely operate its sites upon resumption of operations.
JD Wetherspoon said however it doesn't plan to start any new pub development projects in the next 12 months, though a small number of projects which were ongoing when pubs closed back in March will be completed in due course.
Separately, the company said two members of staff died in April after testing positive for Covid-19. Among current staff members, 79 have tested positive for the virus, with 74 recovered and 5 still ill.
Wetherspoon said it will release its results for the financial year ending July 26 on October 9.
The stock was trading 0.4% higher at 1,130.00 pence each on Wednesday morning in London, and down a third from the start of the year.
By Ife Taiwo; [email protected].
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