Rightmove eligible for support under Covid financing facility

Property website Rightmove said on Tuesday that it is eligible for support under the UK Government's Covid Corporate Financing Facility.

The facility provides funding to businesses by buying commercial paper of up to one-year maturity, issued by firms making what is deemed to be a material contribution to the UK economy.

Rightmove said it has not yet issued any commercial paper under the scheme.

It said the combination of its current cash balance, its committed revolving credit facility - which it has extended by a year to February 2022 - and access to the CCFF will "provide Rightmove with sufficient liquidity and leave us well positioned to return to growth as markets normalise".