Countryside Properties PLC COVID-19 Update (1944M)
May 07 2020 - 2:00AM
UK Regulatory
TIDMCSP
RNS Number : 1944M
Countryside Properties PLC
07 May 2020
FOR IMMEDIATE RELEASE
7 May 2020
Countryside Properties PLC
COVID-19 Update
Countryside Properties plc ('Countryside' or 'Group'), today
issues a further update in relation to the impact of Covid-19 on
the business, following its statement on 20 April 2020.
Financing update
Countryside has been confirmed as an eligible issuer for the
Bank of England COVID Corporate Financing Facility ("CCFF") and has
put in place a GBP300m commercial paper programme to facilitate
issuance under the CCFF. The facility will be used to provide
standby liquidity, should that be required, and is currently
unutilised.
In addition, we have agreed certain financial covenant revisions
with the banking group for our existing GBP300m Revolving Credit
Facility that will provide additional headroom and flexibility
until 30 September 2022.
Managed return to construction
We announced on 25 March 2020 that we had suspended all
construction work on our sites. We have developed a new set of
operating procedures for site activity which are compliant with
Public Health England guidelines. These are aimed at ensuring the
safety of our staff and supply chain partners, including
maintaining social distancing and the provision of additional site
welfare facilities. Each site will have a dedicated Compliance
Officer to ensure the new procedures are operating effectively.
We have commenced work to implement these changes and intend to
reopen around 80% of our sites to construction from 11 May
2020.
Iain McPherson, Group Chief Executive said, "Securing this
additional liquidity gives us the confidence to plan pro-actively
for the future. Our mixed-tenure business model, strong order book
and the outstanding commitment and hard work of our staff
throughout this challenging period, position us well for a return
to construction activity and we are focused on ensuring we do this
in a safe and orderly way."
The Group is due to report its half year results on Thursday 14
May 2020.
- Ends -
Enquiries:
Countryside Properties - 01277 260 000
Iain McPherson - Group Chief Executive
Mike Scott - Group Chief Financial Officer
Victoria Prior - Managing Director, Corporate Affairs
Brunswick Group LLP - 020 7404 5959
Nina Coad
Oliver Sherwood
Note to editors:
Countryside is the UK's leading mixed-tenure developer through
its two divisions, Partnerships and Housebuilding.
Countryside's Partnerships division was established over 30
years ago, specialising in estate regeneration, with operations in
London, the South East, the North West, the Midlands and Yorkshire.
It works mainly on public sector owned and brownfield land, in
partnership with local authorities and housing associations to
develop private, affordable and PRS homes. It recently established
a modular panel manufacturing facility in Warrington to improve
quality and reduce build times on site. Its developments include
large scale urban regeneration projects at Beam Park, Rainham,
Acton Gardens, Ealing and Rochester Riverside, Medway.
Countryside's Housebuilding division benefits from an industry
leading strategic land bank which is focused around outer London
and the Home Counties. It builds family homes, with a focus on
placemaking and selling to local owner occupiers. Its developments
include a number of large-scale projects including Beaulieu Park,
Essex, Springhead Park, Ebbsfleet and Tattenhoe Park, Milton
Keynes.
Following six years of continuous growth in volumes, Countryside
delivered 5,733 homes in the twelve months to September 2019 -
4,425 through its Partnerships division and 1,308 through its
Housebuilding division, with a mix of private for sale, PRS and
affordable homes. Revenues were GBP1,422.8m with 92.5% customer
satisfaction equivalent to HBF 5-star rating. It retains a strong
balance sheet and is focused on delivering quality homes with
sector leading growth. It was listed on the London Stock Exchange
in February 2016 as a constituent of the FTSE 250.
For more information see www.countrysideproperties.com or follow
@CountrysideProp on Twitter.
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END
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