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151.20 1.20 (0.80%)

Bid:

151.00

Ask:

151.60

Spread: 0.60 (0.397%)

Market Cap: £382.37m

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Marshalls Halts Some Operations, Cuts Pay, Gets Additional Financing

Tue, 14th Apr 2020 10:24

(Alliance News) - Marshalls PLC on Tuesday said it has taken further measures in response to the Covid-19 outbreak.

The landscape products provider said it has now implemented a detailed plan which includes the temporary suspension of some of its operations across the manufacturing network.

In addition, the FTSE 250-listed company said it is closely monitoring cash flow to ensure that the business is in a strong position for eventual recovery.

Marshalls said that, since the start of April, the board has unanimously agreed to take an immediate 20% reduction in its remuneration for the duration of the crisis. Other members of senior management have voluntarily agreed similar reductions.

The company noted that its banking partners - Royal Bank of Scotland Group PLC's NatWest, Lloyds Banking Group PLC and HSBC Holdings PLC - continue to be supportive. Each of these banks has confirmed its full support for an additional GBP30 million, 12 month committed revolving credit facility to be provided.

Including these additional facilities, Marshalls will have total bank facilities of GBP255 million of which GBP230 million will be committed.

Marshalls shares were trading 2.9% lower in London on Tuesday at 631.31 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com