- Cream cake retailer Cake Box said it had informed all of its franchisees that its stores should shut to prevent the spread of Covid-19.

The company said it was unable to quantify the full impact on its financial performance.

'As well as lost revenue from the group's franchise stores, there may also be an impact on the timing of new franchise store openings although the current pipeline remains strong,' it added.

Cake Box said it had a 'strong' balance sheet with a current cash balance of around £4m.

Its only debt was mortgage debt of £1.6m secured by freehold properties in Enfield and Coventry.

'The group operates a franchise model and therefore has relatively low levels of fixed costs and will take all appropriate measures to conserve its cash during this period,' Cake Box said.

At 10:06am: [LON:CBOX] Cake Box Holdings Plc Ord Gbp0.01 share price was -8p at 98.5p

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