Escape Hunt launches measures to 'dramatically' reduce costs

Escape room operator Escape Hunt said on Thursday that it had already started taking measures to "dramatically reduce costs" after the Downing Street-enforced lockdown meant it had to close all of its operating sites in the UK.

Escape Hunt has taken advantage of the coronavirus job retention scheme and to date, 124 staff had been placed on furlough leave and were receiving 80% of their salary, while its senior management teams also agreed to have their salaries reduced by 25%. The group said it had also applied for business rates relief, grants and tax deferrals.

The AIM-listed firm said the initiatives would reduce monthly cash costs by approximately 70%.

Whilst Escape Hunt noted that its core business was "in hibernation", the group said activity had continued in areas where it was able to continue making progress.

Escape Hunt said: "We still have no visibility on when sites will be able to reopen nor how quickly business will return. As a result, the company has applied for and been granted permission to delay the publication of its audited final results for the year ended 31 December 2019, if so required, until 30 September 2020."

As of 1100 BST, Escape Hunt shares were down 0.80% at 3.72p.