NoHo Partners Plc
STOCK EXCHANGE RELEASE 9 March 2021 at 9:15 a.m.
NoHo Partners’ turnover for February 2021 was approximately MEUR 8.0 and operating cash flow was approximately MEUR -1.7
NoHo Partners Plc’s turnover for February 2021 was approximately MEUR 8.0, which is roughly 37 per cent of the turnover for the corresponding period the previous year. The turnover was generated by restaurant operations in Finland, with the restaurants in Denmark and Norway being closed. The Group’s operating cash flow was approximately MEUR -1.7.
NoHo Partners CEO Aku Vikström:
“The cost savings implemented last year and an effective operating model has allowed us to minimise the cash flow burn rate to under two million euros per month. For March, the market situation will change as the Finnish Government mandated restaurants to close. We immediately activated our lockdown backup plan, and now there are approximately 200 restaurants closed and approximately 2,200 people temporary laid off. The layoffs were carried out quickly and flexibly in cooperation with the staff. Our staff have been the hardest hit by the COVID-19 crisis and we are fully committed to getting through this situation without any permanent redundancies.
For March, our business will continue with about 40 restaurants focused on takeaway food. We trust that the Government and landlords will act responsibly, similar to the lockdown imposed last spring, and play an active role in bridging the gap caused by the crisis and work towards market recovery.”
The development of turnover in March 2021 will be reported by the Group during week 15.
More information available from:Aku Vikström, CEO, NoHo Partners Plc, tel. +358 44 011 1989Jarno Suominen, Deputy CEO, NoHo Partners Plc, tel. +358 40 721 5655
Distribution:Nasdaq HelsinkiMajor mediawww.noho.fi
NoHo Partners Plc is a Finnish group established in 1996, specialising in restaurant services. The company, which was listed on NASDAQ Helsinki in 2013 and became the first Finnish listed restaurant company, has continued to grow strongly throughout its history. The Group companies include some 250 restaurants in Finland, Denmark and Norway. The well-known restaurant concepts of the company include Elite, Savoy, Teatteri, Yes Yes Yes, Stefan’s Steakhouse, Palace, Löyly, Hanko Sushi, Friends & Brgrs and Cock’s & Cows. Depending on the season, the Group employs approximately 2,100 people converted into full-time workers. The company’s vision is to be the most significant restaurant company in Northern Europe. www.noho.fi/en
- Headline: NoHo Partners’ turnover for February 2021 was approximately MEUR 8.0 and operating cash flow was approximately MEUR -1.7
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