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Cake Box Holdings - Operations Update

RNS Number : 3674M
Cake Box Holdings PLC
11 May 2020
 

11 May 2020

 

Cake Box Holdings plc

(the "Company" or the "Group")

 

Operations Update

 

Cake Box Holdings plc, the specialist retailer of fresh cream cakes, provides an update on the operations of the Group's franchise store estate.  

Our priority throughout this crisis has been the health, safety and wellbeing of customers, staff and franchisees and the communities in which we operate. The Group announced on 24 March 2020 that it had informed its franchisees that their stores should be closed with immediate effect following updated UK Government advice on 23 March 2020. Since this date we have conducted a detailed review of the Group's processes and operations and consulted with franchisees and their employees. Consequently, we have been able to put in place new processes which will allow our franchise stores to operate safely and in line with Government guidance. These include:

·    Operating with smaller teams in store to allow for social distancing from colleagues;

·    Clear demarcation of required social distancing throughout the premises;

·    Staff wearing PPE at all times including face masks and shields; and

·    Implementing an enhanced personal and property hygiene regime

Following an initial trial, limited to a number of stores operating our Click & Collect service and  Delivery in partnership with select online platforms, the effective implementation of these new processes has meant that the Group has, with confidence, been able to inform its franchise stores that they are able to resume trading at the discretion of the individual franchisee.

Accordingly, we currently have 79 franchise stores open, offering a limited menu of products, and anticipate having the full high street estate open by early June. Initial demand from customers has been encouraging, albeit at much lower levels than in normal trading conditions given the ongoing lockdown restrictions.

Production is currently limited to our Enfield site where we have also implemented new health and safety procedures and are operating with reduced staffing levels to maintain the appropriate distancing.

The Group will continue to keep all measures under review, prioritising the safety of all of its stakeholders.

ENDS

 

For further information, please contact:

 

Cake Box Holdings plc

Sukh Chamdal, CEO

Pardip Dass, CFO

 

+44 (0) 20 8443 1113

Shore Capital

Stephane Auton

Patrick Castle

Sarah Mather

 

+44 (0) 20 7408 4090

MHP Communications

Oliver Hughes

Simon Hockridge

Charlie Barker

Pete Lambie

 

+44 (0) 20 3128 8100

[email protected]

 


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Quick facts: Cake Box Holdings PLC

Price: 165.5

Market: LSE
Market Cap: £66.2 m
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