Shepherd Neame has said since July, “nearly all” its pubs have reopened and are trading “successfully”. In a trading update it said in the 13 weeks since 4 July the business has been “profitable and cash generative”. Net debt at the year-end was £84.4m with an additional £11m of tax liabilities that had been deferred in agreement with HMRC. As at 26 September net debt was £82.4m with the tax liabilities that had been deferred reduced to £5.7m with a further £1.2m of general deferrals. It said liquidity is “sufficient for the foreseeable future”. Like-for-like sales in the 64 managed pubs and hotels that were open for this period were down 7.9%.