LEGAL | Staff Reporter, UK

SSP Group reportedly seeking £500m from shareholders

The UK-based travel concession operator has been particularly hard-hit by COVID-19 trade and travel restrictions.

SSP Group, owner of Caffè Ritazza and Upper Crust, is planning to raise up to £500 million from shareholders as it responds to drops in sales due to UK’s ongoing lockdowns and travel restrictions, The Financial Times reported.

It is the second time that the travel concession operator will have turned to shareholders during the crisis after it raised £216 million via a share placing last March.

SSP added that sales over the same period were down 50% year-on-year and that it expected sales in the three months to the end of December to be 80% below 2019’s levels.

Currently, it operates around 2,800 outlets at 180 airports and 300 railway stations in 36 countries.

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