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New Trend Lifestyle seeks funding to alleviate Covid-19 cash crunch

By BFN News | 02:43 PM | Friday 29 May, 2020

Singapore-based Feng Shui products and services group New Trend Lifestyle said it was looking to raise new funding as government lockdowns crimp its cashflow. The company said its operations would remain closed for at least another four weeks from 2 June, in line with government lockdown measures. The Singapore government is commencing the first phase of its lockdown relaxation from 1 June. The company's operations, however, do not fall within the first phase re-opening. 'It is uncertain when the group's operations will be allowed to re-open, as the Singapore government will review the situation on a regular basis and act as appropriate, however, the disruption to the group's activities is expected to last for a longer period,' New Trend Lifestyle said. 'The group has reduced staffing and negotiated rent reductions wherever possible and has been able to take advantage of government job support schemes.' 'Unfortunately, the group has not been able to take advantage of SME and bridging loans that are being offered by local banks due to the holding company being in the UK.' 'The ongoing disruption caused by the decision to phase re-opening of the economy in Singapore will have a significant adverse effect on cashflow, and the group is seeking to raise new funding to mitigate against the impact on cashflow outlined above.' At 2:43pm: (LON:NTLG) New Trend Lifestyle Group Plc share price was 0p at 0.45p Story provided by

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