Ann: PLACEMENT, RELAXATION OF DEBT COVENANTS & SPP, page-18

I would not have thought a listed company would use personal guarantees to secure leases, usually in these cases bank guarantees are used, and usually each individual lease is held in a different entity, this is done to isolate poor performers and stop them potentially harming the good sites, the idea being you can cut off the arm without killing the whole patient.

The eg wholesale deal is a bad one and unless they can a lot bigger scale ,this will continually drag them down, just look what it did to their margins last half, you can’t stay open if wages and cogs are over 100%