Last checked at 2 Jun 2020 07:00
2 June 2020
Gusbourne Plc
("Gusbourne", the "Company" or the "Group")
Trading Update
Gusbourne (AIM: GUS) is today pleased to announce an update on its trading.
The Company experienced a strong start to trading in the first three months of the year with revenue performance ahead of directors' expectations. Since the end of March 2020, however the distribution channels of the Company have been impacted by Covid-19. The Company has however been able to engage in a number of new sales initiatives to mitigate this impact and the directors are pleased to report increasing demand for wine in some channels, especially online.
On the production side, both vineyard and winery operations have continued to work through the lockdown with appropriate safety protocols put in place. The Company has furloughed a number of staff, particularly in the sales function and taken various steps to reduce costs at this time.
Whilst the immediate outlook for sales remains uncertain, the directors remain confident about the Group's longer-term prospects beyond Covid-19.
The Company is also pleased to announce today that it has entered into a new £10.5 million asset-based lending facility with PNC Financial Services UK Ltd. The new facility, detailed further in a separate announcement, will be used to refinance certain existing debts, provide additional liquidity for the Company and to provide long term finance to the Company at a competitive rate.
For further information contact:
Gusbourne Plc Charlie Holland | +44 (0)1233 758 666 |
Canaccord Genuity Limited Bobbie Hilliam Georgina McCooke | +44 (0)20 7523 8000 |
Note: This announcement and other press releases are available to view at the Company's website: www.gusbourneplc.com
Note to Editors
Gusbourne PLC ("the Company") is engaged, through its wholly owned subsidiary Gusbourne Estate Limited (together the "Group"), in the production and distribution of a range of high quality and award winning English sparkling wines from grapes grown in its own vineyards in Kent and West Sussex. The majority of the Group's mature vineyards are located at its freehold estate at Appledore in Kent where the winery is also based.