Decision to temporarily close sites

RNS Number : 0418H

Loungers PLC

20 March 2020

 

20 March 2020

Loungers plc

("Loungers" or "the Group")

Covid-19 update re:  decision to temporarily close sites

Loungers, the operator of 167 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, provides the following further update in respect of Covid-19.

Subsequent to the Group's Covid-19 trading update on 18 March, Loungers announces that it has taken the decision to temporarily close all of its sites as of 3pm this afternoon.

We had anticipated the prospect of closure and continue to take all appropriate steps to mitigate the cost of the interruption to trade.  We remain confident in our ability to emerge from this period strongly.

Nick Collins, Chief Executive said:

"The Government has given clear guidance against the general public visiting cafes, bars and restaurants, yet has allowed us to remain open. This places Loungers and other leisure and wider hospitality sector operators in a difficult position, however, we feel we have a moral and social responsibility to play our part in helping defeat Coronavirus.  As much as we want to be a force for good in communities at this difficult time, we have a more pressing duty to protect our loyal teams and, in particular, the communities which they serve. In these circumstances, as an employer of over 4,000 people, I cannot stress how important it is for the Chancellor to announce meaningful support for all hospitality workers this afternoon, that does not disadvantage their employers." 

This announcement is released by Loungers and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. This announcement is being made on behalf of the Company by Nick Collins, Chief Executive Officer of Loungers.

For further information please contact:

Loungers plc Nick Collins, Chief Executive Officer Gregor Grant, Chief Financial Officer	Via Instinctif Partners
GCA Altium Limited (Financial Adviser and NOMAD) Sam Fuller / Katherine Hobbs / Tim Richardson	Tel: [phone]
Liberum Capital Limited (Joint Broker) Andrew Godber / John Fishley	Tel: [phone]
Peel Hunt LLP (Joint Broker) Dan Webster / George Sellar	Tel:  [phone]
Instinctif Partners (Financial Public Relations) Justine Warren Matthew Smallwood	Tel: [phone] or 020 7457 2005

 

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