John Menzies lays of 17,500 workers; seeks government financial support

Fri, 27th Mar 2020

Aviation services company John Menzies said it had cut its headcount by 17,500, was attempting to secure support from the UK government and would 'consider all options' with regards to its liquidity needs. John Menzies said it hoped that 'in the fullness of time' a high number of the laid off employees could return to the business. The company has been hammered by a virtual vacuum of activity in the airline industry, as carriers ground aircraft in the wake of government travel bans to contain the spread of Covid-19. 'We are engaged with the UK government as we attempt to secure some of the emergency funding announced by the Chancellor of the Exchequer and await the refinement of the eligibility criteria for the COVID Corporate Financing Facility, which we currently do not currently qualify for,' John Menzies said. 'We are engaged in constructive discussions with our lending banks and we continue to review all options with regards to the group's overall liquidity needs to ensure we are well positioned to withstand the impact of the virus on the aviation industry.' At 2:02pm: (LON:MNZS) Menzies John PLC share price was -9.1p at 74.9p Story provided by StockMarketWire.com

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