Retirement home developer and manager McCarthy & Stone has drawn down its £200m revolving cash facility and withdrawn its 3.5p per share final dividend payment, to make sure it can continue to deliver for its residents during the Covid-19 pandemic.
The group said the draw down meant it will have current available cash of £127m for the business.
“At this stage, it is too early to speculate on the full extent of the resulting impact on our financial performance for the full year and beyond. However, we do anticipate an inevitable material impact on trading in the coming months,” said the group.
It added that the board was evaluating a number of actions to balance the preservation of cash with the long-term needs of the business.
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