Paving slab maker Marshalls PLC (LON:MSLH) has secured an extra £90mln of lending from its banks and said it was temporarily stopping some operations due to the coronavirus pandemic.
With the new 12-month revolving facilities added, Marshalls has access to £255mln of bank lending, while it said it was keeping a close eye on cash flows, controlling spending and with directors taking 20% pay cuts from 1 April until further notice.
“Our operational planning continues to be dynamic and capable of reacting to the changing environment,” the FTSE 250 company said.
Late last month the group said it was continuing to distribute product where demand exists, but beginning a process of temporary suspensions where demand had slumped due to the effects of the Covid-19 outbreak.
The final and special dividend payments for last year were cancelled by the board, which said at that point there was £93mln of net debt, not including leases.