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(Alliance News) - Pub company Fuller, Smith, & Turner PLC is taking action to preserve cash after being forced to close every single site, it said on Monday.
The entirety of Fuller's managed and tenanted pubs closed on Friday last week after UK government instructions amid the Covid-19 outbreak.
This will impact trading, Fuller's said, but no guidance can be given until the company knows how long its pubs will be closed for.
Chiswick, London-based Fuller's is in a "strong" financial position, it said, with an excellent relationship with lenders. It also has "significant" liquidity headroom.
The firm is taking some action to preserve cash and reduce costs. This includes delaying some large capital expenditure projects while it is also reviewing the dividend policy.
"These are unprecedented times. The impact of Covid-19 on the hospitality sector, and indeed the nation, cannot be underestimated," said Chief Executive Simon Emeny.
"However, Fuller's is a long-term business, established on extremely sound foundations, which equips it well to navigate testing times such as these."
"This will end and, when it does, we will be ready to welcome our customers into our wonderful pubs and hotels and provide the fantastic food, drink and exceptional service that we have been delivering for nearly two centuries," he added.
Shares were 2.2% lower on Monday at midday in London at a price of 645.28 pence each.
By George Collard; georgecollard@alliancenews.com
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