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Marston's to reopen pubs from Monday; secures covenant waivers
StockMarketWire.com
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Pub owner Marston's said it expected to reopen around 70%, or about 700, of its managed and franchised pubs in England with outdoor spaces on or around 12 April.
It also said that, subject to final regulatory confirmation, the majority of its Scottish and Welsh pubs would reopen on 26 April.
The remaining managed estate in England should open on or around 17 May, on the basis that the stated reopening roadmap set out by the UK government was adhered to, Marston's said.
It added that it was assuming a return to normal trading conditions from 21 June.
Marston's also confirmed that it had secured financial covenant waivers to its bank, private placement and securitised facilities for the financial periods up to and including 1 January 2022.
Within the securitisation, Marston said it had had strong support from bondholders, who had approved waivers for the two-quarter tests to 2 October 2021 and the four-quarter test to 1 January 2022.
Its banks and private placement had approved the adoption of liquidity and quarterly profit covenants to 1 January 2022.
'This collaborative approach was helped by open and constructive dialogue in a period of great uncertainty and underlines the importance of good, long-term relationships with all our stakeholders,' Marston's said.
Story provided by StockMarketWire.com
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