United Finance plc - Update on Retail Operations

On 2 December 2020, United Finance plc issued an announcement providing an update on the retail operations of the United Group which also includes the franchise for the Debenhams brand for Malta. In this respect, the Group explained that Debenhams UK will cease operations and go into liquidation by Q1 2021 following a breakdown in talks for its takeover. Although the Group’s Debenhams stores are operated independently from the UK, their operations are intrinsically tied to the UK company for the supply of merchandise. As a result, the winding up of the UK company will affect the availability of products for sale.

In this context, the Group is monitoring closely the developments in the UK and assessing options in hand for the replacement of the Debenhams franchise. For the immediate future, trading operations in Malta will continue as normal in the two stores which are located at ‘The Point’, Sliema, and ‘Main Street Complex’, Paola.

Despite this setback, United Finance explained that it has sufficient resources to meet all of its obligations when they fall due. Furthermore, the Group will remain vigilant on ongoing developments with a view of taking more measures as may be appropriate to ensure the viability of its business.