Nando’s cash boost to beat pandemic
By Sarah Wood | 9th December 2020
Restaurant chain Nando's has raised £100 million from shareholders to help it survive the Covid-19 pandemic.
The popular chain, which has restaurants in Gloucester and Cheltenham, said that raising the funds was decisive action to reduce liabilities and preserve its cash, after restaurants were forced to close during lockdown, as reported by Then Times.
Nando's latest accounts show it invested £20 million in making its UK restaurants Covid secure.
The company has also reduced the salaries of senior managers and deferred refurbishment projects and new restaurant openings in a bid to make savings. Nando's is currently in talks with landlords to negotiate rent-free periods and rent deferrals.
Nando's was among more than 100 companies in the restaurant industry which wrote to Boris Johnson last week, asking him to consider weekly tier reviews or risk the loss of the restaurant sector.
In the year to 23rd February 2020, Nando's saw UK sales climb 2.8 per cent to £801.5 million.
While its partnership with Deliveroo and the ability to order at table using the app have helped it stay afloat this year, figures for the current financial year look set to paint a very different picture for the chain.
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