(“Chapel Down” or “the Company”)
EPIC: CDGP
COVID 19 Update
This is a time of significant change.
The management team and Board of
Following the Governments advice to close pubs, theatres and hospitality venues to contain the spread of the virus, we have seen our sales in supermarkets and off licenses grow substantially and our on-line sales multiply dramatically as customers seek to continue to enjoy our brands at home.
It is too early to extrapolate any trends but if the current sales rate continued the off-trade sales and on-line growth of our wines would more than make up for the loss of on-trade wine sales. It will certainly leave us with a stronger business and an increased market share in these areas where we see long term growth.
Sadly, we needed to close our tours, shop, restaurant and bar at the state of the art
We are grateful for the support shown by the Government in enabling us to furlough the staff directly affected by the change to the business. It will enable us to get back up to speed quickly when the all clear is given. The company has ensured that all furloughed staff are on 80% of their salaries/wages. Those still working will ensure we deliver to our off-trade customers and on-line consumers, will tend the vineyards and create the wines in the winery. We are ensuring that their safety is our first concern. We have moved staff to work from home wherever possible.
The board, executive and senior managers in the company have all taken 20-40% salary cuts for the duration. The company has also taken significant steps to conserve cash and reduce spend across the business and has suspended all non-contracted capital expenditure with the exception of the committed development of the vineyards planted in 2018 and 2019.
Following the above actions and based on prudent assumptions we have adequate cash for the foreseeable future.
We will update the market and shareholders on further developments as and when they arise.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
Contact
|
|
|
|
Chief Executive Finance Director |
|
|
|
01580 763 033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
finnCap Ltd
|
Corporate Finance ECM |
020 7220 0500 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200331005555/en/
Source: