Pub Operator Fuller, Smith & Turner Receives Waiver From Its Lenders

By Dave Simpson
Pub Operator Fuller, Smith & Turner Receives Waiver From Its Lenders

British pub operator Fuller, Smith & Turner has said that it has received a waiver from its lenders, as it launched a share sale to shore up its books in the face of massive pandemic-related losses.

The company said it expects a drop of aproximately 80% drop in sales from its pubs and hotels in the full year to March of 2021.

The London-listed company, the net debt of which has jumped to £216 million, said that it is offering 6.5 million of its Class A shares at 830 pence apiece, and also an offering of Class B shares.

Fuller, Smith & Turner said that for each month of the latest UK lockdown it has a cash burn of between £4 million and £5 million.

The pub operator has already cut jobs, sold some businesses after a first-half loss as the coronavirus-led social distancing measures and curfews led to a shutdown of its businesses and hammered the hospitality sector.


The maturity extension and change in debt covenants is conditional on the share offer, Fuller, Smith & Turner said.

It also said that it is preparing to ensure the business reopens "strongly'.

Four-Stage Easing Of UK Lockdown

British Prime Minister Boris Johnson set out a four-stage easing of the UK lockdown in February, with hospitality venues, restaurants and pubs to be reopened from April 12 for outdoor services only.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.