24 Mar 2020 10:44
24 March 2020
Cambria Automobiles plc
("Cambria" or the "Group")
AIM: CAMB
COVID-19 Update: Temporary Closure of Retail Sites
The Board of Cambria announces the temporary closure of its dealerships across the UK. This decision has been taken to safeguard the health and wellbeing of its Associates as well as current and potential Guests, following recent Government advice.
All car showrooms have closed with effect from midnight on 23 March 2020 and any outstanding servicing and warranty repair commitments will be fulfilled in the coming weeks with enhanced safety measures in place. The Group will operate a skeleton staff structure to provide services to essential workers.
The Group has the full and continued support of its banks and recently took the decision to fully draw down its Revolving Credit Facility to ensure liquidity in the current environment. The Board is confident that it has sufficient liquidity to comfortably see through the challenges that the pandemic currently presents.
As a result of the above, all capital expenditure projects have been put on hold and will be constantly reviewed alongside developments in the Coronavirus situation.
The closure of the Group's retail sites will have a material impact on its financial performance in the current financial year to 31 August 2020 and as a result, the Board suspends financial guidance in the market until further notice. As a result of the ongoing situation, the Board is not likely to recommend an interim dividend for the period ended 29 February 2020. The Board will provide updates to shareholders as and when appropriate.
-Ends-
Enquiries:
Cambria Automobiles Mark Lavery, Chief Executive James Mullins, Finance Director www.cambriaautomobilesplc.com
| Tel: 01707 280851 |
N+1 Singer - NOMAD & Joint Broker Mark Taylor
| Tel: 020 7496 3000 |
Zeus Capital - Joint Broker Dominic King
| Tel: 020 7533 7727 |
FTI Consulting Alex Beagley / James Styles / Sam Macpherson
| Tel: 020 3727 1000 |