COVID-19 Update

RNS Number : 1191H

Fuller,Smith&Turner PLC

23 March 2020

 

Press Release       23 March 2020

Fuller, Smith & Turner PLC

 COVID-19 Update

Fuller, Smith & Turner PLC ("Fuller's" or "the Company"), the premium pubs and hotels business, today provides the following update in response to the impact of COVID-19.

In line with the Government's instructions, Fuller's has temporarily closed its entire Managed and Tenanted pub estate from the close of business on Friday 20 March 2020.

Given the uncertainty as to when our estate will re-open, we are not in a position to give guidance on the financial impact of COVID-19 on our business at this juncture, except to say that we anticipate a material reduction in our trading performance.  Clearly the quantum of this will depend upon the duration of the temporary closure of the Group's pubs and hotels and any subsequent measures imposed by the Government. 

Fuller's is in a strong financial position.  We have an excellent relationship and open dialogue with our lending banks, and the Company is well financed with a healthy balance sheet and significant liquidity headroom. Furthermore, the Group has a high-quality asset base of premium pubs and hotels, which is 89% freehold by book value.

First and foremost, Fuller's is a people business and we are focused on protecting the 5,000 incredible team members who work within our estate and in supporting office roles, while also suspending commercial rents for our tenants to support them at this difficult time. We thank the Government for the measures it has taken, both for the business and our team members, which will provide some alleviation of the financial impact.

The Group is taking a prudent approach and pre-emptive action, where possible, to further preserve cash and reduce overhead costs through a range of measures including delaying the start of larger capital expenditure projects. In addition, we will also be carefully considering our dividend policy in due course.

Chief Executive, Simon Emeny, said: "These are unprecedented times. The impact of COVID-19 on the hospitality sector, and indeed the nation, cannot be underestimated.  

However, Fuller's is a long-term business, established on extremely sound foundations, which equips it well to navigate testing times such as these.  This will end and, when it does, we will be ready to welcome our customers into our wonderful pubs and hotels and provide the fantastic food, drink and exceptional service that we have been delivering for nearly two centuries."

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For further information, please contact:

Fuller, Smith & Turner P.LC.

Simon Emeny, Chief Executive  020 8996 2000

Adam Councell, Finance Director  020 8996 2000

Georgina Wald, Corporate Comms Manager  020 8996 2198 / 07831 299801

Instinctif Partners

Justine Warren                                                                          020 7457 2010

Notes to Editors:

Fuller, Smith & Turner PLC is the premium pubs and hotels business that is famous for beautiful and inviting pubs with delicious, fresh food, a vibrant and interesting range of drinks, and engaging service from passionate people. Fuller's has 215 managed pubs, with 1,028 boutique bedrooms, and 179 tenanted pubs. The Fuller's pub estate is predominately located in the South of England, with 46% of pubs within the M25.

 

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