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London-based Workspace Group has revealed only half of their customers paid rent at the end of March, while several others have sought relief.
The company said it was cutting costs and capital expenditure to alleviate the blow of this reduced income, but added it had enough capital to help them withstand the coronavirus lockdown with £70 million in cash, £96 million in undrawn credit facilities and no debt maturities until June 2022.
Inquiries for space at Workspace Group had slowed down at the end of March and its shares were down 0.7%.
“We recognise that our continued success depends on the ability of customers to emerge from the coronavirus pandemic in good financial shape, and we are working with them to achieve this,” said Graham Clemett, CEO of Workspace Group.
