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Shoe Zone cancels dividend, receives approval for 15 million pounds loan

By Prachi Singh

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For the six months to March 31, 2020, Shoe Zone delivered turnover of 69.9 million pounds compared to 73 million pounds in the same period last year and ended the period with a net cash balance of 3.6 million pounds. The company expects the Covid-19 pandemic will have a material impact on its performance for the current financial year.

The company said in a statement that since cash conservation continues to be of paramount importance, no interim dividend will be paid in respect of the first half of FY19/20.

As at close of business on April 28, 2020, the company has a net cash balance of approximately 5.4 million pounds, having utilised the existing 3 million pounds bank facility. The company added that its application for a 15 million pounds loan utilising the Coronavirus Large Business Interruption Loan Scheme, has received credit committee approval from its primary lender, Natwest. Shoe Zone said, the new facility will provide additional liquidity to the company during a period where all of its retail stores are closed.

Coronavirus
Shoe Zone