NoHo Partners to lay off its personnel and commence new co-operation negotiations to adapt its operations to the tightening restrictions on restaurants

NoHo Partners Plc

STOCK EXCHANGE RELEASE 21 December 2021 at 23:23

NoHo Partners to lay off its personnel and commence new co-operation negotiations to adapt its operations to the tightening restrictions on restaurants

NoHo Partners Plc will lay off its personnel and commence new negotiations pursuant to the Act on Co-operation within Undertakings to adapt its operations to the restrictions targeted at the restaurant industry, which were announced by the Finnish Government today and will enter into force on 24 December 2021.

The company will have to close the majority of its restaurants and with immediate effect, lay off nearly all its personnel in Finland, amounting to approximately 1,250 employees, within the framework of the previous round of co-operation negotiations. The layoffs will be valid until further notice.

The company will begin the new co-operation negotiations on 3 January 2022, and they are expected to last two weeks. The purpose of the negotiations is to minimise the economic impact of the COVID-19 pandemic, and to prepare for a possible extension of the pandemic situation.

The negotiations concern all the Group’s employees in Finland, totalling approximately 1,250 employees. The restrictions on restaurants also indirectly impact the approximately 2,000 people working for the Group as leased staff. The negotiations may result in full-time or part-time temporary layoffs of personnel.

More information available from:
Aku Vikström, CEO, NoHo Partners Plc, tel. +358 44 011 1989
Jarno Suominen, Deputy CEO, NoHo Partners Plc, tel. +358 40 721 5655

Distribution:
Nasdaq Helsinki
Major media
www.noho.fi

NoHo Partners Plc is a Finnish group established in 1996, specialising in restaurant services. The company, which was listed on NASDAQ Helsinki in 2013 and became the first Finnish listed restaurant company, has continued to grow strongly throughout its history. The Group companies include some 250 restaurants in Finland, Denmark and Norway. The well-known restaurant concepts of the company include Elite, Savoy, Teatteri, Stefan’s Steakhouse, Palace, Löyly, Hanko Sushi, Friends & Brgrs and Cock’s & Cows. Depending on the season, the Group employs approximately 2,100 people converted into full-time employees. The company aims to achieve turnover of approximately MEUR 400 by the end of 2024. The company’s vision is to be the leading restaurant company in Northern Europe.