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TODAY'S OTHER NEWS

Rightmove to access government’s large-scale loan facility

Rightmove has announced that it’s eligible to access the government’s Covid Corporate Financing Facility - the major loan facility made available to some of the country’s largest companies during the Coronavirus crisis. 

In a brief statement to shareholders and the City this morning, the portal says: “The combination of our current cash balance, our committed Revolving Credit Facility, which we have extended by a year to February 2022, and access to the CCFF will, in our view, provide Rightmove with sufficient liquidity and leave us well positioned to return to growth as markets normalise.”

The CCFF is designed to help businesses across a range of sectors to pay wages and suppliers, even while experiencing severe disruption to cashflows.

So far there has been no announcement by Rightmove as to any measures it has taken to ease company outgoings during the crisis, aside from its offer to agents of a short-term 75 per cent fees reduction to help the industry through the Coronavirus crisis.

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