Business
COVID-19 Update
COVID-19 Update.
About this update from Amala Foods Plc
[{"type":"text","content":"\n \n \n RNS Number : 6038H\n BigDish PLC\n 26 March 2020\n \n \n \n \n \n \n \n BigDish Plc\n \n \n (\"BigDish\" or the \"Company\")\n \n \n \n \n \n COVID-19 Update\n \n \n \n \n \n On Friday 20 March 2020, Prime Minister Boris Johnson ordered all restaurants to be closed to diners and this would be reviewed on a monthly basis. Furthermore, all non-essential businesses in the United Kingdom have been told to close.\n \n \n \n \n \n The government intervention has had an immediate impact on the ongoing operations of the Company.\n \n \n \n \n \n The Manchester team has been furloughed in order to enable the Company to avail of government assistance and preserve cash. As such whilst restaurant numbers have increased in March, no further growth in restaurant numbers is expected to resume until restaurants are allowed to open to diners.\n \n \n \n \n \n The Philippine technology and business support teams are working from home in Manila. Technology development continues and no material effect to this aspect of this business is currently envisaged. The team have all accepted voluntary salary reductions during this period.\n \n \n \n \n \n The Company has determined cash preservation is of paramount importance in this challenging environment. As such, immediate cost reduction measures have been implemented. Based on current information available it is expected that the Company has sufficient funding runway until the end of the year. This is well beyond Q3 according to previous guidance, and should reassure shareholders in the wake of recent pandemic related events.\n \n \n \n \n \n Whilst the longer-term effect to the restaurant industry due to the Covid-19 pandemic is unknown at this time, the Company remains optimistic that once restaurants are allowed to reopen there will be increased demand for its services, as was the trend at the start of 2020.\n \n \n \n \n \n Whilst the Company has taken the necessary steps to preserve cash it also acknowledges the need that further funding will need to be made available at some point in the future in order to reignite growth.\n \n \n \n \n \n To this end the Company had recently engaged a boutique corporate advisory firm outside the UK with a successful track record in funding early stage consume...