April 24, 2020 / 6:35 AM / a month ago

Frasers Group says not eligible for UK's virus banking facility

(Reuters) - British sportswear retailer Frasers Group (FRAS.L), formerly Sports Direct, said on Friday it is not eligible for the Covid Corporate Financing Facility and that it had resolved all remaining matters on a 674 million euros sales tax claim with the Belgium Tax Authority.

The company said it decided to “settle these matters now given the uncertainty is affecting Frasers Group’s banking lines and its suppliers’ credit insurance where, due to store closures...the majority of new credit insurance cover has been withdrawn for the time being.”

Reporting by Tanishaa Nadkar in Bengaluru; Editing by Sriraj Kalluvila

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