(Alliance News) - HSS Hire PLC on Wednesday said it has commenced a process to preserve cash amid the Covid-19 pandemic and has decided to close majority of stores and put employees on UK government's job retention scheme.
The equipment rental company, however, has decided to run a delivery only operation for its 27 central distribution centres and OneCall re-hire business to support critical customers.
"The length of the branch closures and overall impact on the group is uncertain and as such the company withdraws all market guidance in the near-term," HSS Hire said.
The company traded in line with board's expectations for the first 12 weeks of 2020, with trading slowdown due to the virus spread only detected in the last week.
HSS has decided to delay the release of its results for the year ended December 28, 2019, due to moratorium issued by the UK's Financial Conduct Authority.
Shares in the company were down 2.2% at 26.80 pence each in London on Wednesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Hss Hire (HSS)