Young’s confirms reopening schedule & delivers financial update

Young’s has provided the following update in light of the ongoing Covid-19 situation and the announcement of the Government’s Roadmap for the easing of lockdown restrictions, which should provide some certainty about the company’s plans to reopen its pubs.

Young’s expects to reopen about 140 of its managed pubs with outdoor spaces on or around 12 April.

Assuming the Roadmap timetable is followed, the rest of the Young's managed estate should open on or around 17 May with restricted indoor trading, ultimately leading to the group operating under more normal trading conditions from 21 June.

If this reopening schedule proceeds as planned, the company expects to deliver a positive cash flow in May.

The noteholders and the firm's banks have agreed to extend the monthly available liquidity test up to and including March 2022, with a headroom requirement of £25m. The group will shortly be seeking an extension, through to November, of its £20m bilateral revolving credit facility with NatWest.

In May, the company will repay the £30m borrowed through the Covid Corporate Financing Facility from existing facilities.

On the basis of the above, the Company will have committed available facilities of £255m (inclusive of the £25m required to meet the available liquidity test referred to above).