Coronavirus: Angling Direct secures new credit facility to cope with outbreak
Fishing supplies retailer Angling Direct announced this morning it has secured a new credit facility to help it cope with the impact of coronavirus.
The company has agreed a £2.5m credit facility with Natwest after it was forced to furlough staff and close all of its stores after the UK entered a coronavirus lockdown.
Angling Direct said it expects a material reduction in full-year revenue and profitability due to the coronavirus outbreak.
This morning it scrapped previous market guidance, saying the “scale of the impact will be dependent on how the situation develops and over what timeframe” and the impact of government actions.
Sign up to City PM’s Midday Update newsletter, delivered to your inbox every lunchtime
Chief executive Andy Torrance said: “The retail environment has never before been in a position where it has had to deal with a crisis of this magnitude.
“Our focus remains on protecting our valued members of staff, ensuring appropriate and safe working conditions and, where possible, providing an uninterrupted service to our loyal and supportive customers.
“Like many in the retail community, we are also extremely thankful to the UK Government for the support provided at this difficult time.”
The company expects to report turnover of £53.1m and an Ebitda loss of around £500,000 for the year ended 31 January.
Meanwhile, group sales increased 19 per cent year-on-year over the first three weeks of March before the significant impact of coronavirus in the UK.