Marks & Spencer strengthens liquidity to cope with coronavirus impact

The retailer also said it did not anticipate paying a dividend for the 2020/21 financial year. (Credit: iStock)

British retailer Marks & Spencer said it had taken steps to secure more liquidity to help it cope with the downturn caused by the coronavirus pandemic, and it had significant facilities available to it for 18 months.

Marks & Spencer said on Tuesday that its banks had agreed to relax or remove covenant conditions later this year and in 2021, and it had also accessed a UK government coronavirus corporate finance scheme.

The retailer also said it did not anticipate paying a dividend for the 2020/21 financial year, saving it 210 million pounds of cash. (Reporting by Sarah Young; editing by Kate Holton)