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BigDish's cash conservation measures extends funding runway to the end of 2020

The group's Manchester-based employees are on furlough while the techies in the Philippines have agreed to operate on reduced wages

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BigDish PLC (LON:DISH) has said its business has been immediately affected by the government’s decision to order all UK restaurants to close temporarily.

The technology firm, which helps restaurants fill tables in less busy times, said its Manchester team has been furloughed to preserve cash and so the company can qualify for government assistance.

WATCH: BigDish PLC: 'In cash preservation mode and confident it'll rebound stronger than ever'

BigDish had seen an uptick in restaurants signing up for the service when people first started getting nervous about the spread of the coronavirus but now all are shut no further growth in restaurants is expected until they open their doors again.

BigDish’s technology and business support teams in the Philippines are working from home. Technology development continues and no material effect to this aspect of this business is currently envisaged. The team have all accepted voluntary salary reductions during this period.

BigDish has implemented immediate cost reductions to conserve and believe it has enough cash to continue operating until the end of the year but the company has acknowledged that it will need to raise additional funding in the future “in order to reignite growth”.

The company’s corporate advisory firm was already working on ways of raising money without the need to issue equity prior to the pandemic but not surprisingly progress on this front has slowed owing to international travel restrictions.

"Restaurant numbers were growing monthly at a fast pace prior to the Covid-19 pandemic. By taking the necessary steps, we both ensure that we prioritise the well-being of our employees and also preserve cash for as long as possible,” Aidan Bishop, a director of BigDish said in a statement.

“Whilst this is obviously a very difficult time for the world, I choose to remain confident that BigDish will emerge on the other side of this crisis positioned strongly for a rebound. Our thoughts are also with our restaurant partners who are feeling the brunt of this crisis,” Bishop said.

Quick facts: BigDish PLC

Price: 0.95 GBX

LSE:DISH
Market: LSE
Market Cap: £3.32 m
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BigDish PLC: 'In cash preservation mode and confident it'll rebound stronger...

BigDish PLC's (LON:DISH) Aidan Bishop tells Proactive London's Andrew Scott the business has been immediately affected by the government’s decision to order all UK restaurants to close temporarily but measures have already been taken to preserve cash. BigDish had seen an uptick in restaurants...

1 day, 2 hours ago

2 min read