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Caffyns PLC (CFYN)

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Tuesday 24 March, 2020

Caffyns PLC

COVID-19 Update

RNS Number : 4164H
Caffyns PLC
24 March 2020
 

 

Caffyns plc ("Caffyns" or the "Company")

 

 

COVID-19 Update: Temporary Closure of Retail Sites

 

To protect the health and wellbeing of our teams, our customers and the wider community, the Board of Caffyns (the "Board") has taken the decision to temporarily close the Company's car showrooms, in line with Government advice, with effect from Tuesday, 24 March 2020. Limited delivery of outstanding orders will be completed by Wednesday, 25 March 2020 where possible.

 

The Company will operate a skeleton staff structure for Aftersales to provide repair and MOT services to essential workers whilst this remains practicable.

 

The Company's bankers, manufacturer partners and the Government have been fully supportive and, as a result, the Board is confident that the Company has sufficient financial resources to withstand the impact of this closure beyond June 2020. The Board has put all unnecessary capital expenditure on hold and is taking all possible actions to ensure it can reopen the showrooms quickly once restrictions are removed.

 

The Company's current financial year ends on 31 March 2020. Trading since its half year results, released on 22 November 2019, until the beginning of March 2020, when the impact of COVID-19 began to be felt, was broadly in line with the Board's expectations. As a registration plate change month, March trading is very important for the Company's full year outurn.

 

 


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