Business
First Quarter Business Update
First Quarter Business Update.
About this update from Workspace Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 4588S\n Workspace Group PLC\n 09 July 2020\n \n \n \n \n \n \n \n 9 July 2020\n \n \n \n \n \n \n \n \n Workspace GROUP PLC\n \n \n \n \n \n FIRST Quarter business update FOR THE \n \n \n PERIOD ENDING 30 JUNE 2020\n \n \n \n \n \n \n \n \n HIGHLIGHTS\n \n \n \n \n \n · \n Customer demand improved through the quarter with enquiries in June at 765, up from 272 in April. This compares to a monthly average of 1,060 enquiries in the first quarter last year\n \n \n · \n Cash collection of rent due for the first quarter now at 75%, net of rent reductions and deferrals\n \n \n · \n The 50% rent reduction offered to business centre customers ended at end of June 2020\n \n \n · \n Received 65% of rents due for the second quarter1 to date, this compares to c.80% at the equivalent time last year\n \n \n · \n Customers slowly returning to our business centres, with activity now at around 15% of usual levels\n \n \n · \n Planning consent granted for major mixed-use redevelopment in Wandsworth, comprising 171,000 sq. ft. of new commercial space and 402 residential units\n \n \n · \n Pro forma LTV of 21% at 30 June 2020, based on March 2020 valuation, with cash and undrawn facilities of £161m\n \n \n \n \n ___________________________\n \n \n \n 1 Includes both quarterly rent and monthly rent due for July\n \n \n \n \n \n Graham Clemett, Chief Executive Officer, Workspace Group PLC, commented:\n \n \n \n \n \n \"Activity in the first quarter has been significantly impacted by the lockdown. We offered our business centre customers a 50% rent reduction for the first quarter ending in June, which was well received. Our teams have worked hard to ensure our buildings are safe and we have also provided guidance and resources for customers through our Back to Business Hub. \n \n \n \n \n \n \"As our existing customers review their space requirements, we have seen like-for-like occupancy fall by 3% to 90% in the quarter and we expect to see continued pressure on occupancy levels in the short-term. However, we are encouraged by the early signs of a recovery in business confidence, with improving levels of enquiries, viewings and lettings. Our experienced team are focused on maintaining occupancy at our centres through retaining existing customers wh...