Young’s Pubs has secured £30m under the Bank of England’s Covid Corporate Financing Facility.

The Company has also agreed with NatWest and HSBC to a new £50m syndicated term loan facility, to be split evenly between those two banks.

Once the documentation has been completed, Young’s intends to draw down on the facility immediately and repay in full the March 2021 £50m syndicated facility with the Royal Bank of Scotland and Barclays.

The company is also in the process of finalising a new £20m bilateral revolving credit facility with NatWest.

After the Company has refinanced and entered into these new facilities, Young’s will have £285m of funds and committed facilities from its banks, private placement lenders and under the CCFF.

In addition to this, the Company has a £10m overdraft with HSBC.

In a statement published to the London Stock Exchange, the company said: “With the group’s strong balance sheet, supplemented by the actions announced today, the company’s board of directors is confident that young’s has sufficient liquidity to handle a prolonged period of closure of its pubs. The board expects the company to be in a position to return to profitable growth when this unprecedented period is at an end and conditions allow.”