adminWith the lockdown forcing restaurants to shut their doors, Spur Corporation said it’s seen its revenues fall dramatically since the previous year and it is in talks to secure loans in case the lockdown is extended.
The group owns Italian food franchise Panarottis, seafood restaurant John Dory’s, burger joint RocoMamas and Spur Steak Ranches.
Spur is in talks with financial institutions to secure credit if the lockdown extends beyond the current year or if the economic impact of Covid-19 is more severe than currently expected, it said in a trading update issued yesterday.
Staff received full salaries for April and May, but the group will implement a 20 percent salary reduction from 1 June, in line with a reduced work week. Fees for non-executive directors will also be reduced by 20 percent from June 1. — Bloomberg.
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