Compass Group announced this week that due to the impact of the COVID-19 pandemic and the uncertainty ahead, it has launched a £2 billion (roughly $2.5 billion) equity raise to reduce leverage and increase liquidity.
"The first five months covered by the results we are announcing today showed a continuation of the strong performance we reported last year, but it goes without saying that COVID-19 has changed everything," Group Chief Executive Dominic Blakemore said in the announcement. "Compass is a resilient and adaptable organisation and we have moved quickly to manage cash and costs and increase liquidity. We are doing all we can to protect jobs by redeploying colleagues into units that remain open and using government job retention schemes where available."
The company detailed its management actions regarding coronavirus and past 6 months revenue results in the announcement.