Trust Inns coughs up £1m div­i­dend amid lock­down fear

The Daily Telegraph - Business - - Business - By Rachel Mil­lard

PUB chain Trust Inns paid out a £1m div­i­dend for the year end­ing March 31, but has warned of the risks to the chain of a sec­ond lock­down.

Owned by the Pre­ston North End owner Trevor Hem­mings, Trust Inns has more than 350 ten­anted pubs across the UK.

Prof­its fell from £7.3m to £5.6m for the year end­ing March 31, on turnover

which fell from £41m to £39m. All of the com­pany’s pubs were closed un­der the lock­down which started in March 27, but bosses said more than 90pc of its pubs had re­sumed trad­ing.

In ac­counts filed at Com­pa­nies House last week, they said lenders had re­moved fi­nan­cial covenants at each test­ing date up to March 2021, but warned that a sec­ond na­tional lock­down could cause it to breach fi­nan­cial covenants in June 2021, for which no waiver had been ob­tained.

Bosses said there was “no rea­son to be­lieve” lenders would not pro­vide fur­ther waivers, but the sit­u­a­tion none­the­less cre­ated a “ma­te­rial un­cer­tainly that may cast sig­nif­i­cant doubt on the com­pany’s abil­ity to con­tinue as a go­ing con­cern”.

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