The company, which has seen its business hammered as governments imposed travel bans to combat the pandemic said it had agreed a new £112m, 18 month credit facility with HSBC, Lloyds and Natwest banks, subject to a new issue of shares worth 20% of its share capital.

SSP, which issued a profits warning last month said said revenue during march would be 40% - 45% lower year on year with a corresponding reduction in operating profit of around £50m - £60m. It deferred payment of the 6p a share final dividend and added that it was renegotiating rents to save cash.

Including the impact of Covid-19 on current trading, SSP expected a fall in interim group revenue of 3% on a constant currency basis, made up of a like-for-like sales decline of approximately 8% and net gains of approximately 5%.

“SSP has considered a very pessimistic scenario assuming an almost total shutdown of the travel market for the whole of the second half of the financial year, with group revenue being down approximately 80% to 85% in H2 2020 against the same period last year,” the company said.

It added that it had closed down several of its airport operations an started laying off staff, while implement a “significant” pay cut for all senior management, executives and board members.