Electra Private Equity PLC Update in respect of the COVID-19 situation (8956G)
20 March 2020 - 6:00PM
UK Regulatory
TIDMELTA
RNS Number : 8956G
Electra Private Equity PLC
20 March 2020
Electra Private Equity PLC
Update in respect of the COVID-19 situation
As with most businesses the current trading position and
valuation of the portfolio companies of Electra Private Equity PLC
are being materially impacted by the countermeasures to the
COVID-19 virus announced by the UK Government.
The safety and wellbeing of the employees and customers of our
portfolio companies is of paramount importance and we are working
with the management teams and other stakeholders of each company to
ensure that each business, its employees and wider stakeholders
come through the developing situation as strongly as possible.
We have put in place a set of measures to manage each of our
most impacted businesses and to navigate our way through these
challenging times. With the cash balances held across the group,
the ongoing support of banking partners and where appropriate,
government support, we are confident that each of our businesses
will survive and emerge strongly. Whilst we are continuing to
develop plans for different eventualities it is too early to
determine any longer-term impact.
At TGI Fridays, as the safety and welfare of our guests and
teams is our number one priority and following the latest
government advice to practice social distancing, we have made the
decision to temporarily close all our restaurants from 9pm this
evening. This will have an impact on a number of employees and we
are working to retain and temporarily redeploy impacted employees
to businesses operating in sectors currently experiencing
exceptionally high levels of activity across the UK, with a view to
them returning for relaunch. We are already working on our relaunch
plans which will reflect the acceleration of our actions to make
TGI Fridays even better.
At Hotter Shoes, production has been temporarily suspended in
our UK based factory however dispatches from our warehouse continue
to service our UK and US direct to consumer businesses. The
situation in respect of our UK retail estate is under ongoing
review and it is likely that phased temporary closures will follow.
As with TGI Fridays this temporary shutdown will be used to ensure
that Hotter emerges a better business with the acceleration of
strategic change.
Whilst Sentinel will be impacted by current events, its business
model and winter seasonality reduce the immediate impact.
We welcome the Government's announcement that all retail,
hospitality and leisure businesses will be given a 100% business
rates holiday for the next 12 months. We will continue to monitor
external events and manage the situation closely and will keep the
market updated on developments as appropriate.
Neil Johnson, Chairman of Electra Private Equity PLC
commented:
'I congratulate and thank our management teams and all staff at
both TGI and Hotter for their sensible and timely response to the
evolving crisis. We will continue to work tirelessly with our
colleagues and business partners to do everything we can to ensure
our businesses come through this very difficult situation
successfully."
For further information, please contact:
Gavin Manson
Chief Financial and Operating Officer
Electra Private Equity PLC
17 Old Park Lane
London W1K 1QT
Tel: 44 (20) 3874 8300
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END
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