Fuller, Smith and Turner PLC: Covid-19 Financing Update

Press Release         1 June 2020

Fuller, Smith & Turner P.L.C.

 COVID-19 Financing & Liquidity Update

Notification of Revised Full Year Results Date

Fuller, Smith & Turner P.L.C. ("Fuller's" or "the Company"), the premium pubs and hotels business, today provides the following update in relation to COVID-19 during the current temporary closure of its Managed and Tenanted pubs and hotels.

As stated previously, Fuller's is well financed with a healthy balance sheet and significant liquidity headroom. However, in light of continued uncertainty, pending further clarity from the Government as to when and how pubs will be allowed to reopen, management have taken additional precautionary measures to ensure the Company is in the best possible financial position, with maximum flexibility.

Following confirmation of Fuller's eligibility to access the COVID Corporate Financing Facility (CCFF), the Fuller's Board has formally approved the issue of commercial paper under this facility for an initial sum of £100 million. This will enable the Company to leave the majority of its £155 million revolving credit facilities undrawn and puts Fuller's in a strong position with significant liquidity headroom to successfully navigate the months ahead.

In addition, Fuller's has an excellent relationship with its lending banks. Constructive discussions have led to appropriate amendments to its banking agreements. As a result, the Company's quarterly covenant tests through to and including the September 2020 test, will primarily focus on liquidity headroom metrics, a more appropriate measure while the Company's pubs and hotels remain temporarily closed.

This, together with the action outlined above relating to the additional liquidity reserves being put in place, further underpins the Board's confidence that Fuller's has sufficient liquidity headroom to sustain the Company through this period of continued uncertainty. This action comes on top of existing cost reducing initiatives including placing 96% of our workforce in furlough, a voluntary pay reduction by Exec and Board members, minimising outgoings across the business, suspending all non-essential capital spend and negotiating across our supplier base to reduce costs further.

Update on Notice of Results

In line with the joint regulatory guidance from the FCA, the FRC and the PRA, regarding reporting timeframes in the current environment, the Board confirms that it will announce the Company's Full Year results for the 52 weeks to 28 March 2020 on 25 June 2020, instead of 11 June 2020 as previously announced.

For further information, please contact:

Fuller, Smith & Turner P.LC.

Simon Emeny, Chief Executive    020 8996 2000

Adam Councell, Finance Director    020 8996 2000

Georgina Wald, Corporate Comms Manager  020 8996 2198 / 07831 299801

Instinctif Partners

Justine Warren      020 7457 2010