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Leeds Group seeks German government help
17th Feb 2021 11:52
(Sharecast News) - Leeds Group said it had asked for financial aid from the German government because the country's extension of Covid-19 restrictions threatened to have a big impact on trading.
The fabric importer and seller said its Hemmers wholesale arm was trading at a reduced level and its KMR stores were shut. Leeds shares fell 6.7% to 21p at 11:38 GMT.
At its interim results on 15 January, Leeds flagged up increased restrictions imposed by the German government due to end on 31 January. The measures have been extended until 7 March at the earliest.
Hemmers and KMR management are taking measures to mitigate the reduced sales [and] the group has applied for government financial support," Leeds said. "The company's directors expect the significant impact on KMR's trading will have a negative outcome on the Company's results for this financial year."
The AIM-traded company is based in Germany and was founded more than a century ago. Leeds used to manufacture textiles at factories in the UK, the Netherlands and Italy but with most fabric imported from Asia it concentrates solely on importing and selling cloth.
The fabric importer and seller said its Hemmers wholesale arm was trading at a reduced level and its KMR stores were shut. Leeds shares fell 6.7% to 21p at 11:38 GMT.
At its interim results on 15 January, Leeds flagged up increased restrictions imposed by the German government due to end on 31 January. The measures have been extended until 7 March at the earliest.
Hemmers and KMR management are taking measures to mitigate the reduced sales [and] the group has applied for government financial support," Leeds said. "The company's directors expect the significant impact on KMR's trading will have a negative outcome on the Company's results for this financial year."
The AIM-traded company is based in Germany and was founded more than a century ago. Leeds used to manufacture textiles at factories in the UK, the Netherlands and Italy but with most fabric imported from Asia it concentrates solely on importing and selling cloth.