Perth-based bus and rail giant Stagecoach Group plc said on Monday it has agreed an extension to the period of time covered by waivers of bank covenants.

“In June 2020, we took the precautionary measure of agreeing covenant waivers, in respect of the periods ending 31 October 2020 and 1 May 2021, with our group of lending banks for our facilities expiring in March 2025,” said Stagecoach.

“Further waivers have now been agreed with the same group of lending banks in respect of the period to 30 October 2021. 

“As an alternative to the covenants, we have agreed to a minimum liquidity threshold as at 30 October 2021.

“Notwithstanding the waivers and based on our latest estimates, we would have complied with the originally agreed bank covenants for the period ended 31 October 2020.

“As outlined in our most recent trading update on 9 October 2020, the Stagecoach Group continues to have strong liquidity, with available cash and undrawn, committed bank facilities of over £800m.”