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Cambria Automobiles (CAMB)

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Tuesday 24 March, 2020

Cambria Automobiles

COVID-19 Update: Temporary Closure of Retail Sites

RNS Number : 3687H
Cambria Automobiles Plc
24 March 2020
 

 

24 March 2020

 

Cambria Automobiles plc

("Cambria" or the "Group")

AIM: CAMB

 

COVID-19 Update: Temporary Closure of Retail Sites

 

The Board of Cambria announces the temporary closure of its dealerships across the UK. This decision has been taken to safeguard the health and wellbeing of its Associates as well as current and potential Guests, following recent Government advice.

 

All car showrooms have closed with effect from midnight on 23 March 2020 and any outstanding servicing and warranty repair commitments will be fulfilled in the coming weeks with enhanced safety measures in place. The Group will operate a skeleton staff structure to provide services to essential workers.

 

The Group has the full and continued support of its banks and recently took the decision to fully draw down its Revolving Credit Facility to ensure liquidity in the current environment.  The Board is confident that it has sufficient liquidity to comfortably see through the challenges that the pandemic currently presents.

 

As a result of the above, all capital expenditure projects have been put on hold and will be constantly reviewed alongside developments in the Coronavirus situation.

 

The closure of the Group's retail sites will have a material impact on its financial performance in the current financial year to 31 August 2020 and as a result, the Board suspends financial guidance in the market until further notice. As a result of the ongoing situation, the Board is not likely to recommend an interim dividend for the period ended 29 February 2020.  The Board will provide updates to shareholders as and when appropriate.

 

-Ends-

 

 

 

Enquiries:

 

Cambria Automobiles

Mark Lavery, Chief Executive

James Mullins, Finance Director

www.cambriaautomobilesplc.com

 

Tel: 01707 280851 

N+1 Singer - NOMAD & Joint Broker

Mark Taylor

 

Tel:  020 7496 3000

Zeus Capital - Joint Broker

Dominic King

 

Tel:  020 7533 7727

FTI Consulting

Alex Beagley / James Styles / Sam Macpherson

 

Tel:  020 3727 1000

 


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