FOR IMMEDIATE RELEASE
3 April 2020
LONDON & ASSOCIATED PROPERTIES PLC
(“LAP”):
COVID-19
ANNOUNCEMENT
London and Associated
Properties Plc’s Board of Directors (“the Board”) has reviewed
the Group’s activity in the current economic environment and
the various measures already in place, and being contemplated,
to protect our staff and the business.
The Board noted that the current health crisis is exceptional in
its nature and scale. It is leading to an economic slowdown that
will probably be temporary but very significant. The consequences
of this pandemic, particularly in terms of duration and extent,
remain difficult to assess.
LAP has already implemented significant measures to ensure that
the company is protecting its staff, which is the Company’s
first priority. As a result, LAP has closed its head office as well
as its Sheffield shopping
centre. All of LAP’s other retail, industrial and residential
investments remain open, although a significant number of
tenants have been forced to close as a result of the Coronavirus
Act. We are in active negotiation with a number of tenants
about deferring payment and, as at today’s date, we have collected
c50% of the rent due on 25th March.
The Board has taken measures to ensure that it has enough
liquidity to last through the lockdown and
the enforced closure of a number of its tenants.
This includes a temporary stop on all non-essential capital
expenditure, furloughing 13 members of staff (including centre
management and maintenance who operate off-site) and reducing,
wherever, possible central overheads.
Further, the Board has agreed that it will not be recommending a
dividend for the financial year ending 31 December 2019,
although the Board reserves the right to reconsider this position
in the coming months depending on how the
situation evolves.
Further announcements will be made in due course.
ENDS
Contact:
Baron Phillips, Baron Phillips
Associates.
Tel: 07767 444193