Dart Group, the parent company of Jet2, announced yesterday that it has arranged a £300 million Government loan.
The loan was arranged under the Covid Corporate Financing Facility, which is the same facility used by easyJet, Hungary’s Wizz Air and IAG. The money has not yet been drawn but will be taken if required.
Dart Group does not have a third-party investment grade credit rating, which is a criteria for accessing this funding. It has qualified via a process which allows companies to show that they could have qualified for an investment grade rating based on their financial position in early March.
In a statement, Dart Group said:
“The Group is grateful to both the Bank of England and HM Treasury for the provision of the CCFF, and together with the fully drawn Revolving Credit Facility of £100m, these two sources of additional liquidity will provide the Group with headroom to deal with the present disruption and associated working capital requirements, ensuring we can continue to support our great business through this challenging period.
Though still early, we continue to be encouraged by the volume of our customer bookings for summer 2021 and their associated pricing. Based on this limited visibility, we are confident that once normality returns, our Customers will be determined to enjoy the wonderful experience of a well-deserved Jet2 holiday and that Jet2.com and Jet2holidays will continue to have a thriving future, taking millions of UK holidaymakers annually, to the Mediterranean, the Canary Islands and to European Leisure Cities.”