Dunelm Group plc - Business and liquidity update
Business and liquidity update
Further to the announcement made on
Following the government's introduction of nationwide social restrictions, we announced that we were temporarily closing all of our retail operations, across stores and online, in order to understand and comply with the new measures.
Our priority has always been the health, safety and wellbeing of our colleagues and customers. In the days that followed our announcement, we took the time to fully assess the health and safety measures required within our home delivery and logistics operations to meet social distancing requirements1. We used external specialists, including
After a phased restart of our online business, we are now fully operational, with the exception of some 2-man delivery products, which we anticipate will begin next week once we finalise a safe and workable delivery solution. Since reopening, we have been able to satisfy a high level of online customer demand, with recent online order levels significantly higher than those seen prior to the onset of Coronavirus.
Our stores remain closed, as per government guidance and the majority of our store colleagues have been furloughed under the government's Job Retention Scheme. Our Customer Engagement Centre colleagues are working effectively from home, responding to customer emails and calls. In preparation for re-opening, we are currently working on changes to our store operations that will help ensure colleague and customer safety.
During the last three weeks, our colleagues across the
Update on financial position
As previously announced, the Group had existing financing facilities of
In addition, we have now received confirmation from the
The Board is confident that the Group has access to sufficient liquidity, even in the event of a prolonged store closure period. Currently, we would only anticipate the need to issue paper under the CCFF scheme in the event that our stores remain closed for a period greater than six months.
We continue to focus on reducing operating expenses and tightly managing our cash flows. The executive management team have taken a voluntary 20% pay reduction.
"We remain focused on doing the right thing for our colleagues, customers and the communities where we operate, and I am pleased that we have safely re-opened our online operations. I am immensely grateful for the dedication and commitment of our colleagues and supplier partners who have demonstrated great agility and determination in a dynamic and unprecedented situation.
"Whilst many uncertainties remain, we have ensured that
1 More information available at https://www.dunelm.com/info/help/delivery
For further information please contact:
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07709 496 125
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This information is provided by RNS, the news service of the
Quick facts: Dunelm Group plc
Market Cap: £2.41 billion
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