ANNOUNCEMENT 24 May 2020

On 24 May 2020, Watches of Switzerland, a British retailer of Swiss watches, announced entering into a GBP 45 million loan facility agreement through the Coronavirus Large Business Interruption Loan Scheme (CLBILS).

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

London Stock Exchange, Announcements, WATCHES OF SWITZERLAND GROUP PLC - FY20 Trading and Financing Update. Available at: https://www.londonstockexchange.com/news-article/WOSG/fy20-trading-and-financing-update/14539441

Inception date: 24 May 2020 | Removal date: open ended

Loan guarantee

On 24 May 2020, Watches of Switzerland, a British retailer of Swiss watches, announced entering into a GBP 45 million (USD 54.7 million) loan facility agreement through the Coronavirus Large Business Interruption Loan Scheme (CLBILS).

The CLBILS, which was introduced by the UK government in April 2020 in response to the Coronavirus pandemic, aims to help the businesses “that are experiencing lost or deferred revenues, leading to disruptions to their cash flow as a direct result of the Coronavirus (COVID-19) outbreak.” The scheme is facilitated by the state-owned British Business Bank and delivered through its delivery partners.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A