LONDON (ShareCast) - (Sharecast News) - Concrete and landscaping specialist Marshalls said up to 400 jobs were under threat due to the coronavirus pandemic as it looked to restructure operations with some site closures.
The company on Wednesday said sales in the four months to April 30 fell 27% to ?131m with activity taking a "steep drop" in the last week of March and throughout Apri as government lockdown measures were imposed with all non-essential businesses shut and most construction suspended.

"However, In the early part of May we have seen daily levels of activity progressively improve and we are currently at circa 50 per cent of our daily revenues compared to the same period in 2019," Marshalls said.

Marshalls said it had started talks with employees across the group as part of a series of restructuring proposals that cover all parts the business.

The plans included selective site closures, changes in shift patterns and proposed changes to the size of and structure of support functions.

"There are potentially up to 400 positions representing 15% of the ... workforce, that may be impacted as a result of these proposed changes," the company said.

It added that it had now signed revolving one-year credit agreements worth a total of ?90m with NatWest, Lloyds and HSBC banks with a 12-month extension option. Marshalls now has total bank facilities of ?255m of which ?230m is committed. Group debt at April 30 was ?69m.

Marshalls was also confirmed as eligible for the Bank of England's Covid Corporate Financing Facility with an issuer limit of ?200m.

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