Last checked at 1 Apr 2020 15:19
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
LEI:213800QGNIWTXFMENJ24
1st April 2020
SSP Group plc ("SSP")
COVID-19 Update: Access to the Covid Corporate Financing Facility ("CCFF")
In our recent update on 25th March, we indicated that SSP expected to qualify for the joint HM Treasury and Bank of England lending facility, called the Covid Corporate Financing Facility ("CCFF") and was already well advanced in preparations and discussions with HM Treasury and the Bank of England to access the scheme. This facility is designed to provide liquidity for companies which have been impacted by the COVID-19 outbreak, by allowing them to issue commercial paper through the Bank of England. SSP is pleased to announce that it has secured access to this scheme and has today made a drawdown of funding under the scheme.
Access to this scheme, together with the recent equity placing, will be used to strengthen the Group's balance sheet during this period of unprecedented disruption to the global travel market as a result of the COVID-19 outbreak.
Based on the scenario planning undertaken by SSP management, and described in its announcements last week, the financing arrangements we have put in place will provide sufficient liquidity to enable SSP to operate throughout even its most pessimistic trading scenario (as set out in the RNS of 25th March), leaving it well positioned to return to growth as markets normalise.
Commenting on this announcement, Simon Smith, CEO of SSP Group, said:
"These are unprecedented times for SSP and for the global travel sector. Against the backdrop of the significant reduction in global travel, SSP has taken decisive action to dramatically reduce our cost base and downsize our operations in line with demand. I would like to thank most sincerely all my colleagues for their extraordinary commitment during this period. The financing package that we have secured puts SSP in a really strong position to manage through this crisis and to be in the best shape possible to return to growth as soon as the travel market starts to recover."
CONTACTS
Investor and analyst enquiries
Sarah John, Director of Corporate Affairs, SSP Group plc
+44 (0) 203 714 5251; E-mail: sarah.john@ssp-intl.com
Media enquiries
Peter Ogden / Lisa Kavanagh, Powerscourt
+44 (0) 207 250 1446; E-mail: ssp@powerscourt-group.com
NOTES TO EDITORS
About SSP
SSP is a leading operator of food and beverage concessions in travel locations worldwide, operating restaurants, bars, cafés, food courts, lounges and convenience stores in airports, train stations, motorway service stations and other leisure locations.
With over fifty years' experience, we operate an extensive portfolio of hundreds of international, national, and local brands. Our range also includes proprietary brands created for the travel sector including Upper Crust, Cabin Bar and Ritazza, as well as international names such as M&S, Burger King, Starbucks, Jamie's Deli and YO! Sushi. We also create stunning bespoke concepts such as Five Borough Food Hall in JFK, New York and Norgesglasset Bar in Oslo Airport.
www.foodtravelexperts.com