Young & Co's Brewery pulls interim dividend
By Michele Maatouk
Date: Friday 29 May 2020
(Sharecast News) - Young & Co's Brewery said on Friday that it was pulling its interim dividend as its pubs remain shut due to the coronavirus pandemic.
The company, which expects to see lower levels of trade when its pub do eventually reopen, will not be paying an interim dividend for the current financial year ending 29 March 2021. It plans to resume dividend payments "as soon as is practicable".
Young's said all of its lending banks have now replaced the company's financial covenant tests at June, September and December this year and at March next year with an additional monthly £20m available liquidity test through to and including June 2021.
They have also waived any technical 'cessation of business' breach resulting from the group's pubs being closed due to the virus outbreak.
In addition, the group has entered into its new £50m syndicated term loan facility with NatWest and HSBC. This facility has been drawn and used to repay in full the £50m syndicated facility with RBS and Barclays that was due to expire next March.
Young's has also now entered into its new £20m bilateral revolving credit facility with NatWest.
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10 Lower Thames St,
London EC3R 6EN