Rightmove Takes Another Step to Saving Itself During Coronavirus Pandemic

Mid-March, the UK government has put measures in place to help businesses during the COVID-19 pandemic, called the Covid Corporate Financing Facility (CCFF).

Rightmove has announced that it will be taking advantage of the loan facility offered to the largest corporations in the UK. 

With the CCFF, companies eligible benefit from a number of offerings including: 

• Paying your employees
• Paying sick pay
• Paying tax
• Business rates relief
• Business support grant funds
• Support for the self-employed
• Support for small and medium-sized businesses
• Support for large businesses

Rightmove released a statement for its shareholders, explaining:

“The combination of our current cash balance, our committed Revolving Credit Facility, which we have extended by a year to February 2022, and access to the CCFF will, in our view, provide Rightmove with sufficient liquidity and leave us well-positioned to return to growth as markets normalize.”

This coincides with the agent fee reduction, but there is no other news on what the company plans to do about preventing more layoffs. Rightmove has been under scrutiny before, especially in the last few months. With other portals upping the ante when it comes to helping their users and agents, This is the perfect time for Rightmove to utilize the CCFF in a way that mends its reputation.