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Gloucestershire Business News

Frasers Group double predicted cost of coronavirus beyond £200m

Frasers Group, owners of Cheltenham's Cavendish House, has doubled the predicted price of coronavirus restrictions to the company.

The company, owned by Mike Ashley which also includes Sports Direct, Game and Jack Wills, has upgraded the forecast hit to more than £200million.

That was a big jump from the previous forecast in February.

And in a statement to the Stock Exchange ahead of Monday's reopening of non-essential retail, it predicted further restrictions.

The statement said: "We note the continuing Government and government advisor pronouncements regarding "third waves" and normality being "some way off", meaning further restrictions are in our view almost certain.

"We also note the Covid-19 affected experiences, estimates, and judgements from other leading retailers."

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