Greggs has accessed £150m in new finances to help see it through the ongoing coronavirus pandemic via the government’s corporate financing scheme.
In a note issued to the City today, the high street bakery chain said it applied to the Bank of England for £150m of new finances through the government’s Covid Corporate Financing Scheme (CCFF) which would “sufficient to meet the company’s liquidity needs” for a prolonged closure period.
The funds are available for a duration of 11 months and comes on top of the convenience food retailer having “constructive dialogue with our banking partners”.
Greggs also said that it would be looking to furlough workers through the government’s Job Retention Scheme which would lower its net weekly cash flow from £5m to around £3.5m per week until at least the end of June.
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