Pub chain Fuller, Smith & Turner has decided to not propose a final dividend, saving £6.8m, as it seeks to preserve cash.
The firm, which has a £431m turnover, also said it has furloughed more than 95% of its employees. However, it has agreed to top up the salaries to 80% for those whose exceed the government cap of £2,500 per month.
Meanwhile, board members have agreed to take a 25% pay cut and the firm is cancelling commercial rent payments by its tenants.
Fullers, which operates around 380 pubs, inns and hotels across the south of England, has also suspended all non-essential capital spend and is in negotiations with its suppliers to reduce costs further.
Simon Emeny, chief executive of Fullers, said: “We have implemented a wide range of measures that will impact all our stakeholders, but will protect the business and ensure that we emerge in a strong position to build for the future.”
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