Pub owner Fuller, Smith & Turner has reported a loss of £22.2m in the six months to 26th September. In the equivalent period last year, the company made a profit of £17.9m.
Chief executive, Simon Emeny, said: “When the current lockdown was announced, we acted swiftly to implement the lessons
learned last time round, and this latest closure has been made with minimal stock losses.
“We also immediately placed 98% of our team members — across our pubs, hotels, and in our support functions — on furlough or flexi-furlough, thereby minimising our cash burn. The extension of the coronavirus Job Retention Scheme until March 2021 provides a degree of breathing space and will allow us to apply a sensible and measured approach to costs as
we re-open our estate, particularly at the most affected sites in our city centres.
“We entered this crisis in a position of strength, buoyed by the sale of the Fuller’s Beer Business. We have used the time and space created by the pandemic wisely — completing targeted investments in our estate, rightsizing our teams, and utilising the support available to manage our cash reserves where possible.
“It has not been easy, but prudent financial management, an estate that is 92% freehold, and a strong balance sheet mean that we will be in the best possible position to get back on a growth trajectory.”
