The paving specialist issued a trading update to the city this morning outlining its strategy to cope with the covid-19 pandemic.
Restructuring proposals include “selective site closures, changes in shift patterns and proposed changes to the size of and structure of support functions.”
 (300 x 250 px) (2).png)
The moves could impact 400 staff – accounting for 15% of Marshalls’ workforce.
Marshalls is reopening factories as demand returns after sales in the first four months through to 30 April were down 27% at £131m from £180m last year.
The statement added: “In the early part of May we have seen daily levels of activity progressively improve and we are currently at circa 50% of our daily revenues compared to the same period in 2019.”
Marshalls has agreed an extra £90m credit facility with its bankers and is eligible for the Covid Corporate Financing Facility programme with an issuer limit of £200m.
It has also furloughed staff and deferred tax payments.
Marshalls said: “The combined effect of the cost reductions, the restructuring programme and the new bank facilities will leave the Group stronger and well placed to meet the current challenges and also well positioned for eventual future opportunities.”
.gif)
