On 22 April 2020, Stivala Group Finance plc issued an announcement providing an update on its operations and financial position in view of the ongoing ‘COVID-19’ pandemic. In this respect, Stivala explained that compliance to the guidelines issued by local authorities necessitated the temporary closure of some of its properties. Accordingly, as part of the initiatives put in place to mitigate the adverse effects, the company implemented a number of cost containment measures and also put on hold most capital expenditure plans.
Stivala noted that it is in close contact with all its tenants and clients to ensure that collaborative relations are maintained. This will put the company in a good position when business will return to normality. Meanwhile, Stivala is taking the opportunity to review its operational processes and strategic future plans with a view to swiftly adapt to new developments as they unfold going forward.
Stivala concluded by saying that it had various discussions with its bankers and arrangements for loans moratorium are in place. The company envisages that it will be able to meet its payment obligations towards its bondholders under current circumstances and affirmed that it is well positioned to honour the bond interest payments when due.