NoHo Partners Plc
INSIDE INFORMATION 26 MARCH 2020 AT 07:00
NoHo Partners Plc provides further information about its financial standing
The coronavirus pandemic has had a serious impact on the market and restaurant industry. The sudden change in the market has also considerably affected the operations of NoHo Partners. The order by the Finnish government to close all restaurants will reduce the company’s restaurants’ turnover to nearly zero level until the end of June.
As soon as it became apparent how much the COVID-19 crisis would impact business, the company reacted immediately by starting adjustment measures and preparing for the changed market conditions. On 13 March 2020, the company informed about the ongoing negotiations in accordance with the Act on Cooperation within Undertakings and further informed about the rapid progress of the negotiations on 18 March 2020.
At the same time, the company started the still ongoing funding negotiations with its current funders regarding a funding package of over EUR 30 million. The funding negotiations are ongoing in all of the company’s market areas in Finland, Denmark and Norway.
- Our industry and company have been hit hard by the coronavirus. I want to thank our staff for their cooperation in this exceptional situation in which we have had to carry out the adjustment measures very rapidly. I also want to thank our suppliers and subcontractors for their flexibility. We have prepared for our business operations to stop for three months and for us to operate with practically no turnover until the end of June. It is obvious that, in this situation, we need external working capital. We have succeeded well regarding cost flexibility, and in addition to funding negotiations, the negotiations with our landlords are progressing in a positive spirit. Assessing the situation has been challenging in this rapidly changing environment, but the order by the Finnish government to close all restaurants clarifies the situation, says Aku Vikström, CEO of NoHo Partners.
The company currently estimates that the funding negotiations will proceed during the coming week at which time the company will provide further information.
More information available from:
Aku Vikström, CEO, NoHo Partners Plc, tel. +358 44 011 1989
Jarno Suominen, Deputy CEO, NoHo Partners Plc, tel. +358 40 721 5655
NoHo Partners Plc is a Finnish group established in 1996, specialising in restaurant services. The company, which was listed on NASDAQ Helsinki in 2013 and became the first Finnish listed restaurant company, has continued to grow strongly throughout its history. The Group companies include some 250 restaurants in Finland, Denmark and Norway. The well-known restaurant concepts of the company include Elite, Savoy, Teatteri, Yes Yes Yes, Stefan’s Steakhouse, Palace, Löyly, Hanko Sushi and Cock’s & Cows. In 2019, NoHo Partners Plc’s turnover was MEUR 272.8 and EBIT MEUR 30.6. Depending on the season, the Group employs approximately 2,100 people converted into full-time workers.
NoHo Partners corporate website: www.noho.fi
NoHo Partners consumer websites: www.ravintola.fi and www.royalravintolat.fi