As Whitbread announces the successful placing of the rights Issue rump, CEO Alison Brittain has made a statement.
Brittain (pictured) said, “We are very pleased with the successful completion of Whitbread’s £1bn equity raise, which achieved an acceptance rate of over 91%, demonstrating the high level of confidence in our strategy from both our institutional and retail shareholders.
'Our strong balance sheet has for many years been a source of competitive advantage and has underpinned our long-term success. This equity raise enables us to maintain this competitive advantage and retains our financial flexibility.
'A strong balance sheet alongside our leading operating model and the power of our brands means that we will be in the best possible position to take advantage of enhanced structural opportunities that we expect to be available in both the UK and Germany.
'This will mean that we are in a position of strength to continue to invest, increase market share, support our colleagues and guests and create significant value for shareholders.'
Brittain continued, 'In the near-term, we now have all our 18 hotels open in Germany and 49 open hotels in the UK and are ready to re-open the rest of our hotels and restaurants as soon as permitted by UK Government guidance.
'Our experience in operating the hotels that are currently open has given us a head-start in implementing enhanced hygiene and cleanliness standards, and strict social distancing measures. These measures, alongside a range of new flexible room rates, will help guests book with confidence when our hotels reopen.”