27th Mar 2020 16:31
(Alliance News) - Young & Co's Brewery PLC on Friday said it has decided against paying a final dividend and added it is accessing the coronavirus job retention scheme, which sees the UK government pay 80% of worker wages per month.
The pub operator said a majority of its workforce have been designated as furloughed, so they will be kept on its payroll but will stop working.
Under measures outlined the UK government, HMRC will reimburse 80% of wages of these workers, up to GBP2,500 per month.
Pubs in the UK have been forced to close due to lockdowns imposed by Prime Minister Boris Johnson in a bid to slow the spread of Covid-19.
Young's added: "Recognising that Young's would be nothing without its people, the board has agreed that the group will, on top of the monies received from the government, fund the wages of all its furloughed workers whose annual salary was more than GBP30,000 so that they will continue to receive 80% of their normal pay.
"These arrangements apply for April, are designed to protect jobs for the longer term and will be reviewed again as necessary before the end of next month."
In an additional cost-saving measure, the company will not recommend paying a final dividend for the year ending March 30.
It added that it has GBP235 million in committed facilities from its lenders.
Young's shares were 2.9% higher at 1,000.00 pence each in London at the close Friday.
By Eric Cunha; [email protected]
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