Pastry lovers were devastated after Greggs stores across the UK shut when the government announced a nationwide lockdown.
However, the bakery chain has a plan in place meaning it will be able to stay afloat even if its stores remain shut for the rest of the year.
According to Chronicle Live, the company has secured £150million from the Covid Corporate Financing Facility (CCFF) emergency coronavirus fund, which they say will keep them afloat for the rest of 2020.
It is understood the company may be able to withdraw even more funds and is currently in talks with its banks.
The bakery chain is estimated to to take a £3.5m hit every week until the end of June as a result of the coronavirus lockdown.
The company expect this figure to rise to around £4.5m a month from July if the closures continue.
Greggs said it has also scrapped its latest dividend payout, while its chief executive Roger Whiteside has agreed to a 20% pay cut.
The majority of its 24,900 staff have been placed on furlough which covers 80% of their wages.
The FTSE 250 business said it has around £47m in the bank, before Government funding.
Greggs’ chief executive Roger Whiteside said: “Whilst many uncertainties remain, we have ensured that Greggs and its many stakeholders will be well-supported through this difficult period and that the company will be in a position to return to profitable growth as soon as conditions allow.”
