StockMarketWire.com - Budget hotel chain EasyHotel said all of its owned hotels had been closed, including sites in the UK, France and Spain, following the introduction of strict government Covid-19 containment measures.
Measures being taken to protect cash flow included cutting capital expenditure and non-essential operating costs.
Cash flows were expected to benefit from UK government moves to support local businesses, including support to business rates and a job retention scheme, the company said.
Trading for the year through September was expected to be substantially behind the company's expectations.
Easyhotel said it had a 'robust' balance sheet, backed by a significant freehold and long leasehold estate.
The company had also recently announced equity fundraising of £11m, due to complete on 26 March.
At 1:21pm: [LON:EZH] Easyhotel Plc share price was 0p at 57.5p
Story provided by StockMarketWire.com
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