Frasers Group PLC (LON:FRAS), Mike Ashley’s retail group, has whacked up the size of the hit it expects to take as a result of the Coronavirus pandemic.
Frasers currently anticipates making material accounting non-cash impairments to freehold properties and other assets, and said these write-downs could exceed £200mln – more than twice its previous estimate.
READ Frasers Group expects £100m non-cash impairment on assets amid COVID-19 crisis
Any such impairments would be in addition to impairments included in the half-year results announced on 10 December 2020, and would affect the current fiscal year, which runs to the end of April.
In its assessment, it took note of the continuing Government and Government advisor pronouncements regarding "third waves" and normality being "some way off", meaning further restrictions are almost certain, according to Frasers.
Topshop’s former London flagship is receiving interest from JD Sports, Frasers Group, Amazon and more https://t.co/POI5E0RUp9#retailnews #BusinessNews #London #highstreet #shopping
— Retail Gazette (@retailgazette) April 8, 2021