The COVID-19 pandemic has had a serious impact on the market and the restaurant industry. The sudden change in the market has also considerably affected the operations of NoHo Partners.
The Group took measures as soon as the pandemic began to secure its ability to operate throughout the exceptional circumstances. These measures concerned, among other things, the safety of the employees and customers, adjusting costs and securing financing.
According to the Group’s current estimate, market restrictions will be relaxed and demand will begin to recover during the summer. The Group has prepared for recovery from the COVID-19 shock thoroughly by trimming costs and polishing the operational activities. This, and the company’s restaurant portfolio which was enhanced even further during the crisis and the balance lightened by the complete depreciation programme, will guarantee a solid foundation for improving the company’s structural profitability. The financing package negotiated in February will secure the company’s long-term financing position and make the reconstruction programme after the emergency conditions end possible.
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