SpaceandPeople PLC Further Covid-19 and Business Update (7201K)
April 24 2020 - 1:00AM
UK Regulatory
TIDMSAL
RNS Number : 7201K
SpaceandPeople PLC
24 April 2020
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
SpaceandPeople plc
(the 'Group' or 'SpaceandPeople')
Further Covid-19 and Business Update
SpaceandPeople (AIM:SAL), the retail, promotional and brand
experience specialist which facilitates and manages the sale of
promotional and retail merchandising space in shopping centres and
other high footfall venues, announces the following business and
Covid-19 update.
Since the previous update on 31 March 2019, the Group's two main
geographical markets of the United Kingdom and Germany have both
continued to be severely affected by the ongoing Covid-19 pandemic
and the decisions of the governments in both countries to close
shopping centres and enforce social distancing as part of the
efforts to tackle it.
As previously reported, all of the Group's premises in the UK,
Germany and India remain closed and the majority of staff in the UK
and Germany have been furloughed in accordance with the schemes in
place in each country. The remaining staff continue to work from
home in order to keep the business functioning.
During this period, management have been consulting with both
our retail and property clients and have developed a number of
products and initiatives. These will assist in both filling vacant
retail units with pop up retailers and creating enlivenment
activity in vacant space. This will position us at the forefront of
the recovery of venue vibrancy as soon as restrictions are eased.
These proposals have been well received and a number of projects
are being actively considered at this time.
The directors are pleased to announce that the Group's
application for an additional GBP1million of lending from our
principal banker through the UK government CBIL scheme has received
credit approval and is progressing through legal documentation and
they are optimistic that this will be completed soon.
When this additional lending has been received, the Board will
have greater certainty about the future trading of the business.
Accordingly, the decision has been taken to further postpone the
announcement of the preliminary 2019 results. An update on the
proposed announcement date for the preliminary results will be made
in due course.
SpaceandPeople plc 0845 241 8215
Matthew Bending
Gregor Dunlay
Cantor Fitzgerald Europe 020 7894 7000
David Foreman
Will Goode
Adam Dawes
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END
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