Whitbread: stock down after trading update
(CercleFinance.com) - The Whitbread share is down over 3% in London, sold off after the hotel and catering group's trading update for H1 2020, which was a period that was blighted by closures of many outlets due to the health crisis.
The British company, which notably owns the Premier Inn hotel chain, saw its revenues dive 76.8% worldwide, with a 77.2% decline in the UK (-77.6% on a like-for-like basis) over this period.
As a result, Whitbread has announced its intention to enter into a consultation process that could result in up to 6,000 redundancies in the UK - it hopes that a significant proportion of these job cuts will be voluntary departures.
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