Cake Box Holdings PLC COVID-19 Update (2988H)
24 March 2020 - 6:00PM
UK Regulatory
TIDMCBOX
RNS Number : 2988H
Cake Box Holdings PLC
24 March 2020
24 March 2020
Cake Box Holdings plc
("Cake Box" or the "Company" or the "Group")
COVID-19 Update
Cake Box Holdings plc, the specialist retailer of fresh cream
cakes, notes the statement issued by the UK Government in relation
to COVID-19 yesterday evening. In light of this statement and to
protect our staff, franchisees and customers and also to help
relieve any further pressure on our NHS during this crisis, the
Group confirms that it is informing all of its franchisees that the
Group's franchise stores should be shut until government advice
changes.
Cake Box confirms that trading to date has been in line with its
expectations for the financial year to 31 March 2020. Given it is
not currently possible to know how long the Group's franchise
stores will remain closed for, the Group is unable to quantify the
full impact of COVID-19 at this stage on its business. As well as
lost revenue from the Group's franchise stores, there may also be
an impact on the timing of new franchise store openings although
the current pipeline remains strong.
Cake Box has a strong balance sheet with a current cash balance
of cGBP4m.The Group's only debt is mortgage debt of GBP1.6m secured
by its freehold properties in Enfield and Coventry. The Group
operates a franchise model and therefore has relatively low levels
of fixed costs and will take all appropriate measures to conserve
its cash during this period. The Group notes and appreciates the
various actions taken by the UK Government to support businesses
and employees during these challenging times and will assess how
best to utilise these while the Group's stores remain closed.
The Group will provide all possible and appropriate support to
its franchisees during this challenging period.
For further information, please contact:
Cake Box Holdings plc
Sukh Chamdal, CEO
Pardip Dass, CFO +44 (0) 20 8443 1113
Shore Capital
Stephane Auton
Patrick Castle
Sarah Mather +44 (0) 20 7408 4090
MHP Communications +44 (0) 20 3128 8570
Oliver Hughes cakebox@mhpc.com
Simon Hockridge
Charlie Barker
Pete Lambie
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END
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