Sunday, May 31, 2020

Jet2 owner raises £172m to combat coronavirus impact

Dart Group, the Leeds-headquartered company behind Jet2 and Jet2holidays, is hoping to counter the effects of COVID-19 after raising £172 million via a share placing.

According to a company update, the proceeds will be used to help provide sufficient liquidity to deal with the impact of the pandemic.

The proceeds will be bolstered by the confirmation of up to £300 moillion of funding under the Treasury and Bank of England’s COVID Corporate Financing Facility.

“The board believes that the proceeds of the placing, together with the recently confirmed Bank of England £300 million COVID Corporate Financing Facility (currently undrawn) and the group’s fully drawn revolving credit facility of £100 million, will provide the group with additional headroom to deal with this most challenging of trading environments,” said Philip Meeson, Executive Chairman of Dart Group.

“The board remains of the belief that once able to do so, our customers will be determined to enjoy the wonderful experience of a well-deserved Jet2 holiday and that Jet2.com and Jet2holidays will continue to have a thriving future, taking millions of UK holidaymakers annually to the Mediterranean, the Canary Islands and to European Leisure Cities.”

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