Crest Nicholson Holdings PLC COVID-19 Update (4277J)
April 09 2020 - 10:02AM
UK Regulatory
TIDMCRST
RNS Number : 4277J
Crest Nicholson Holdings PLC
09 April 2020
Crest Nicholson Holdings plc
(the "Company" or "Crest Nicholson")
COVID-19 Update
Crest Nicholson Holdings plc is today providing an update on the
impact that COVID-19 is having on the business.
Most of our sites and operations have been closed for some time
with final arrangements for a full shutdown concluding this week.
The health and safety of our workforce is our number one priority
and we had already undertaken the necessary measures to ensure
their safety on site. However, in light of the Government's advice
on moving home, the widespread deferral of mortgage approvals and
continued disruption to our supply chain it has become impractical
to maintain operations.
We continue to take proactive steps to protect our balance sheet
and prioritise cash flow. As part of this commitment around
three-quarters of our workforce is now furloughed under the
Government's Job Retention Scheme. We will ensure that these
employees receive their full pay entitlement until the end of May
when we will review our furlough arrangements.
On 9 April 2020, the Board and Executive Directors announced
internally that they would be donating 20% of their gross salaries
or fees to various charities for the duration of time that any
workers remain in furlough.
Crest Nicholson Holdings plc has also received confirmation of a
qualifying credit assessment for the purposes of applying for the
Covid Corporate Financing Facility (CCFF). The business remains
well capitalised and will provide a further update on its financing
arrangements in due course.
Peter Truscott, Chief Executive Officer said, "These are
challenging and difficult times for all of us. I am hugely grateful
to all Crest Nicholson employees who have pulled together and taken
swift action to protect the interests of colleagues, customers and
shareholders. We look forward to being able to resume our
operations when it is safe to do so."
For further information, please contact:
Crest Nicholson
Jenny Matthews, Head of Investor Relations +44 (0) 7557 842720
Finsbury +44 (0) 20 7251 3801
Faeth Birch
Philip Walters
9 April 2020
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END
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