McColl's Retail Group plc COVID-19 and Business Update (3422H)
24 Marzo 2020 - 08:30AM
UK Regulatory
TIDMMCLS
RNS Number : 3422H
McColl's Retail Group plc
24 March 2020
COVID-19 and Business Update
Helping the local communities we serve
24 March 2020 - McColl's Retail Group plc ("the Group"), the UK
convenience retailer, today provides a business update regarding
the ongoing COVID-19 situation.
During this period of uncertainty and unprecedented disruption,
our priority is the health, safety and wellbeing of our colleagues
and customers. We continue to closely monitor the latest Government
advice and offer our support to the Government to help serve local
communities across the UK.
Current trading
All our stores are currently open and well-placed to serve our
communities. We have put in place a range of policies designed to
protect our colleagues and customers, keep our stores open and
trading safely, and to enable our head office to support our stores
via remote working arrangements.
Since the COVID-19 outbreak in the UK, the Group has responded
proactively to current strong demand. We continue to work with our
wholesale partners, whilst investigating complementary channels, to
supply the essential products our customers need at this time.
Financing and liquidity
We retain a supportive relationship with our lending banks, and,
as previously announced on 28(th) February 2020, the Group's bank
facilities have been successfully amended and extended to a revised
maturity date in May 2022.
Notwithstanding the increased demand we are currently
experiencing and, given the high degree of uncertainty relating to
the COVID-19 outbreak, the Group is taking proactive actions to
preserve cash, manage working capital, maximise liquidity, and
phase capital expenditure appropriately. We have also prudently
modelled a range of potential future downside scenarios, which we
are confident we have the financial and operational flexibility to
deal with.
The Group acknowledges the measures of support outlined by the
Government, which would further benefit liquidity.
Jonathan Miller, Chief Executive, said: "The health, safety and
wellbeing of our colleagues and customers is of paramount
importance to us and informs all that we do.
"I would like to thank all of our colleagues who are working
incredibly hard to keep the neighbourhood communities we serve
supplied with the food, goods and services they need on a daily
basis. Given the situation, we urge our customers - over half of
whom live within just 400m of our stores - to buy only what they
need and to help the elderly and vulnerable with their shopping
needs if they are able to do so."
Enquiries
Please visit www.mccollsplc.co.uk or for further information,
please contact:
McColl's Retail Group plc Media enquiries:
Jonathan Miller, Chief Executive Officer Headland
Robbie Bell, Chief Financial Officer Ed Young, Rob Walker, Charlie Twigg
+44 (0)1277 372916 +44 (0)203 805 4822
Notes to editors
McColl's is a leading neighbourhood retailer, with an estate of
over 1,400 managed convenience stores and newsagents. We operate
McColl's branded convenience stores as well as newsagents branded
Martin's across the UK, except in Scotland where we operate under
our heritage brand, RS McColl. Our dedicated colleagues serve five
million customers every week, and we are the largest operator of
Post Offices in the UK.
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END
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