REG-Fuller, Smith & Turner PLC Fuller, Smith and Turner PLC: Covid-19 Financing Update

Fuller Smith & TurnerAnnouncement

01/06/2020 07:05

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   Fuller, Smith & Turner PLC (FSTA)
   Fuller, Smith and Turner PLC: Covid-19 Financing Update

   01-Jun-2020 / 07:00 GMT/BST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   Press Release         1 June 2020

                                        

                         Fuller, Smith & Turner P.L.C.

                      COVID-19 Financing & Liquidity Update

                 Notification of Revised Full Year Results Date

                                        

                                        

   Fuller, Smith & Turner P.L.C. ("Fuller's" or "the Company"), the premium
   pubs and hotels business, today provides the following update in relation
   to COVID-19 during the current temporary closure of its Managed and
   Tenanted pubs and hotels.

    

   As stated previously, Fuller's is well financed with a healthy balance
   sheet and significant liquidity headroom. However, in light of continued
   uncertainty, pending further clarity from the Government as to when and
   how pubs will be allowed to reopen, management have taken additional
   precautionary measures to ensure the Company is in the best possible
   financial position, with maximum flexibility.

    

   Following confirmation of Fuller's eligibility to access the COVID
   Corporate Financing Facility (CCFF), the Fuller's Board has formally
   approved the issue of commercial paper under this facility for an initial
   sum of £100 million. This will enable the Company to leave the majority of
   its £155 million revolving credit facilities undrawn and puts Fuller's in
   a strong position with significant liquidity headroom to successfully
   navigate the months ahead.

    

   In addition, Fuller's has an excellent relationship with its lending
   banks. Constructive discussions have led to appropriate amendments to its
   banking agreements. As a result, the Company's quarterly covenant tests
   through to and including the September 2020 test, will primarily focus on
   liquidity headroom metrics, a more appropriate measure while the Company's
   pubs and hotels remain temporarily closed.

    

   This, together with the action outlined above relating to the additional
   liquidity reserves being put in place, further underpins the Board's
   confidence that Fuller's has sufficient liquidity headroom to sustain the
   Company through this period of continued uncertainty. This action comes on
   top of existing cost reducing initiatives including placing 96% of our
   workforce in furlough, a voluntary pay reduction by Exec and Board
   members, minimising outgoings across the business, suspending all
   non-essential capital spend and negotiating across our supplier base to
   reduce costs further.

    

    

   Update on Notice of Results

    

   In line with the joint regulatory guidance from the FCA, the FRC and the
   PRA, regarding reporting timeframes in the current environment, the Board
   confirms that it will announce the Company's Full Year results for the 52
   weeks to 28 March 2020 on 25 June 2020, instead of 11 June 2020 as
   previously announced.

                                        

    

    

    

   For further information, please contact:

    

   Fuller, Smith & Turner P.LC.

   Simon Emeny, Chief Executive    020 8996 2000

   Adam Councell, Finance Director    020 8996 2000

   Georgina Wald, Corporate Comms Manager  020 8996 2198 / 07831 299801

    

   Instinctif Partners

   Justine Warren      020 7457 2010

    

    

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   ISIN:           GB00B1YPC344
   Category Code:  IOD
   TIDM:           FSTA
   LEI Code:       213800C7ACOFMRCQQW76
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   67001
   EQS News ID:    1059673


    
   End of Announcement EQS News Service

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