Young’s will retain all its staff through the coronavirus crisis by placing the vast majority on furlough – qualifying them for the Jobs Retention Scheme’s 80% Government wage subsidy - and reducing board members salaries by 20%.

The furloughed group will include over 4,500 weekly and monthly paid staff, whilst 29 ‘key workers’ considered essential to the business will not be furloughed, and will instead work from home while the crisis continues.

On top of the Government contribution, the group will also fund the wages of all its furloughed workers whose annual salary was more than £30,000 to ensure they will continue to receive 80% of their normal pay.

In order to conserve cash, the company has decided not to recommend payment of a final dividend for its financial year ended 30 March 2020, and has taken measures – a hold on capex, a £7 million VAT deferral until March 2021 and £14.5 million business rates holiday – to maintain a strong balance sheet through the crisis.

“The way in which our people have handled the closures of their pubs and supported their colleagues makes me very proud,” said Patrick Dardis, Youngs CEO. “The Board, along with the others at Riverside House entrusted with the safekeeping of the business, is very much up for this challenge.”

“As I said previously, this crisis will be temporary. I am therefore looking forward to all our team reuniting, opening the doors to our great pubs and welcoming back our customers once we are through this. We remain confident in our strategy for the business.”

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