Laundry giant to raise £85m after 97% drop in leisure industry revenue
Johnson Service Group (JSG) plans to raise £85m in a share placing and extended its bank facilities by a £40m as part of its response to the impact of coronavirus.
The Runcorn-based textiles business generated pre-tax profits of £48m in 2019 but the lockdown has had a huge impact on its operations.
Its HORECA (Hotel/Restaurant/Catering) division, which provides laundry services to hotels, restaurants and catering companies, saw a 27% reduction in revenues in March and a 97% reduction in April. It expects May to only be slight... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
