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Pin to quick picksFuller Smith & Turner Share News (FSTA)

Share Price Information for Fuller Smith & Turner (FSTA)

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Share Price: 616.00
Bid: 616.00
Ask: 620.00
Change: 0.00 (0.00%)
Spread: 4.00 (0.649%)
Open: 614.00
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UPDATE: 800 Jobs To Go As UK Chain Greene King Shuts Dozens Of Pubs

Wed, 07th Oct 2020 17:10

(Alliance News) - Greene King confirmed it will shut dozens of pubs with the loss of 800 jobs after being hit by tighter restrictions in the face of the pandemic.

The company said it will keep 79 of its sites shut for the time being, with around one third of these closures expected to be permanent.

It called on the UK government to provide urgent support for the hospitality sector while tightened restrictions, such as the recent 10pm curfew, remain in place.

Greene King, which was bought by a Hong-Kong real estate giant last year, is one of the UK's biggest hospitality firms, with 3,100 pubs, restaurants and hotels across the UK.

A spokeswoman for Greene King said: "The continued tightening of the trading restrictions for pubs, which may last another six months, along with the changes to government support was always going to make it a challenge to reopen some of our pubs.

"Therefore, we have made the difficult decision not to reopen 79 sites, including the 11 Loch Fyne restaurants we announced last week.

"Around one-third will be closed permanently and we hope to be able to reopen the others in the future.

"We are working hard with our teams to try and find them a role in another of our pubs wherever possible.

"We urgently need the government to step in and provide tailored support to help the sector get through to the spring and prevent further pub closures and job losses."

Greene King's proposed cuts mean that major firms have announced more than 210,000 job losses since the start of the pandemic, according to figures compiled by the PA news agency.

The announcement comes after warnings from pub, restaurant and bar bosses that the curfew and other restrictions will result in swathes of job losses across the sector.

Last week, the boss of rival Fuller, Smith & Turner PLC said that around a tenth of its almost-5,000 employees could face redundancy without further state support.

The bosses of London-focused groups Young & Co's Brewery PLC and City Pub Group PLC also warned that they might have to axe hundreds of roles when furlough ends later this month.

source: PA

Copyright 2020 Alliance News Limited. All Rights Reserved.

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IN BRIEF: Shepherd Neame hires Rank executive as new head of pubs

Shepherd Neame Ltd - Faversham, Kent-based brewer and pub chain - Hires Jonathon Swaine to be managing director for Pubs arm. Swaine joins from casino operator Rank Group PLC, where he is MD for Retail. Prior to Rank, Swaine was MD for Fuller's Inns, the largest division of Fuller, Smith & Turner PLC. Shepherd Neame says it will make a further announcement with the date when Swaine will join. Chief Executive Officer Jonathan Neame says Swaine is "an operator of considerable experience and is highly respected within the industry.

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(Sharecast News) - Fuller, Smith & Turner reported first half revenue of £116.3m on Thursday, up from £45.6m year-on-year, as it swung to EBITDA earnings of £22.8m from losses of £3.7m.

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