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24 Aug 2020 | 11:38

UP Global Sourcing to repay government furlough funds

(Sharecast News) - UP Global Sourcing, trading as Ultimate Products, announced on Monday that it has decided to repay the £0.47m that it received under the Coronavirus Job Retention Scheme. The London-listed firm also said it did not intend to make any further claims under the furlough scheme, or for the associated Job Retention Bonus.

It said it was also no longer using the Government Time to Pay and VAT deferral schemes, with all VAT and PAYE payments up to date as at 31 July.

The board said the payments were possible as its profitability and cash generation had been stronger than expected during the Covid-19 crisis.

"The furlough scheme allowed us to work through the significant challenges that Covid-19 initially caused for our business," said chief executive officer Simon Showman.

"We are grateful to the government and the taxpayer for providing us with this support.

"As a result of the outstanding resilience, hard work and professionalism of our people, the outlook for our business is now much clearer."

Showman said returning the money to the taxpayer was "the right and proper" thing for the company to do.

"As the effects of Covid-19 continue to be felt globally, and particularly in Oldham at the present time, we are determined to carry on supporting local charities and initiatives in order to help ease the hardship felt by many in the communities in which we are proud to operate."

Ultimate Products said it would provide a more detailed update in its scheduled pre-close trading statement on 7 September.

At 1124 BST, shares in UP Global Sourcing Holdings were up 6.62% at 95p.
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