M&S to unveil “never the same again” transformation plan in the wake of COVID-19

Retailer Marks & Spencer (M&S) has taken steps to strengthen its liquidity during the COVID-19 pandemic and secure its long-term future.

The firm has announced it has reached an agreement with the lending syndicate of banks providing its £1.1bn revolving credit facility to ease covenant conditions for the tests arising in September 2020, March 2021 and September 2021.

In addition, the group’s board has confirmed it does not anticipate paying a dividend for the 2020/21 financial year, which would generate a saving of around £210m.

Expected to announce its preliminary full year results in May, M&S will also unveil further cost-saving measures as well as plans to accelerate its transformation programme,

In a statement this morning, M&S commented: “The crisis has created a very different way of working and rapid learning for the business at all levels.

“At the time of the results presentation we will also outline measures being taken to accelerate the transformation programme and change ways of working permanently under our ‘never the same again’ programme currently being prepared for implementation.”

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