SSP seeks £475m in equity raising to boost balance sheet

Upper Crust owner SSP said it was looking to raise £475m via a rights issue as it prepared for the prolonged impact of the Covid-19 pandemic on the travel industry.
The company said it expects a near full return of passenger numbers to pre Covid levels by financial year 2024 “led by a rebound in domestic and leisure short-haul air and rail travel”.

No issue price was revealed, but the raising will proceed on a 12-for-25 basis.

SSP added that it had secured an extension to bank facilities that were previously due to expire in July to January 2024, conditional on completion of the equity raising.