Discover Leisure closes branches in cost savings bid

Discover Leisure, the tents to caravans retailer, has closed several branches in a bid to cut costs and free up capital.

The retailer said it has already closed the Carlisle, Wrexham and Warrington branches and is today closing further outlets in Orpington, Herne Bay, Portsmouth and Evesham.

The closures will impact turnover in the second half of the year with the cost of the closures being taken as an exceptional item.

"While it is never an easy decision to close branches and make staff redundant, the board of Discover Leisure is committed to ensuring that the group is well placed to survive the current economic downturn and take full advantage of the market as it recovers," said chief executive Trevor Parker.

"Positive discussions with the group's bankers are continuing with the lending banks again indicating their continued support for the business and the board hopes to reach a satisfactory conclusion to its discussions regarding the refinancing of the group in the near future," he added.

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