Greene King reports it remains well capitalised, with the upsizing of its revolving loan facility increased financial flexibility from parent company CKA Holdings to £1.5bn.

Reporting a resilient capital structure despite the disruption of the past year, Greene King has utilised the government’s Covid Corporate Financing Fund, borrowing £300m which was repaid in full by 31 March, in line with the terms of the loan.

The company has posted accounts the 36 weeks to 3 January, a shortened period bringing it line with its parent company.

During the period group revenue was down 70.7% to £562.1m, with a statutory loss before tax of £248.6m.

Pubs were closed for 14 weeks of the 36-week trading period due to national and local lockdowns, as well as other restrictions such as the curfew.

Brewing was maintained for off trade outlets, while some pubs continued to operate where possible, offering delivery and click and collect.

A Team Member Support Fund of £660,000 was launched, providing grants to team members facing financial hardship.

The group accessed further government support with a business rates holiday and various grants schemes that were made available, although these were subject to State Aid limits.

Since the period end, Greene King will receive limited benefit from a further business rate reduction offered by the government, but once the £2m cap is reached will pay full business rates soon after fully reopening on 21 June 2021.

Up to 90% rent concessions has been provided to tied pub tenants, with free replacement stock for out of date beer and cider.

During the period a total of £27m was invested in supporting tenants.

In accordance with the current government roadmap, Greene King will look to open the majority of the remaining estate in England on 17 May 2021 for indoor trading with restrictions, ahead of unrestricted trading from 21 June 2021.

As at the date of the accounts, around 60% of tenanted and leased pubs were open fir outdoor trading, albeit with significantly reduced capacity.

In another set of recently published but more historic accounts, Greene King said there was an opportunity for a dynamic operator such as as GK to benefit from the market turmoil.

The company said it would continue to improve growth by increasing its exposure to attractive categories such as food, coffee, wine and rooms, and increase its control in these areas by growing its managed business.

Greene King reported it has a “well hedged portfolio” with a broad demographic across London and the South East, covering value, mainstream and premium segments, drink-led and food-led.