<p><a name="_MailOriginal"><strong>From:</strong></a> James McCulloch &lt;james@harcourtinns.co.uk&gt;<br />
<strong>Sent:</strong> 19 May 2020 10:23<br />
<strong>To:</strong> Stephen Nurse &lt;nurse_stephen@hotmail.com&gt;<br />
<strong>Subject:</strong> RE: Accounts and break-out of PnL for each of the Harcourt pubs.</p>

<p>Steve,</p>

<p>No problems providing this info.</p>

<p>This week is the end of our payroll cycle and so we need to work to a fast turnaround deadline to get the furlough submission to HMRC to ensure funds are in the accounts by the end of the month to meet payday on 29th May so this Fri is unrealistic.</p>

<p>I will provide all info requested plus 12 month PL and cash flow forecasts for each pub by Fri 29th May.</p>

<p>&nbsp;</p>

<p>Regards,</p>

<p>James &nbsp;</p>

<p>&nbsp;</p>

<p><strong>From:</strong> Stephen Nurse &lt;<a href="mailto:nurse_stephen@hotmail.com">nurse_stephen@hotmail.com</a>&gt;<br />
<strong>Sent:</strong> 18 May 2020 17:33<br />
<strong>To:</strong> James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />
<strong>Subject:</strong> Accounts and break-out of PnL for each of the Harcourt pubs.</p>

<p>James,</p>

<p>Please can you share with me the following for all the pubs:-</p>

<ul>
	<li>Management accounts/full financials for 2019 and previous years
	<ul style="list-style-type:circle">
		<li>P&amp;L, balance sheet</li>
		<li>Break-out of any creditors including aged payables and any finance arrangements such as long/short term loans, over-drafts etc</li>
		<li>Break-out of any capital holidays or leniency on covenants</li>
	</ul>
	</li>
	<li>Overview of the response to Covid
	<ul style="list-style-type:circle">
		<li>Which employees are furloughed, which are not.</li>
		<li>Are management fees to Harcourt being paid?</li>
		<li>Are operational fees being paid?</li>
	</ul>
	</li>
	<li>Copy of the operations contract
	<ul style="list-style-type:circle">
		<li>What is the contractual agreement with Henry Harris</li>
	</ul>
	</li>
	<li>Any other material information that are pertinent to a valuation</li>
	<li>All material contracts</li>
</ul>

<p>Our intention is to disseminate the data to investors equally/simultaneously (in those pubs that they are invested in). I hope you will be able to assist us in locating those investors we haven&rsquo;t been able to contact.</p>

<p>There is an investor-zoom call this Friday. Please can I have this information in advance of that meeting (by Thursday CoB latest) so we can have had some time to analyse them before the call on Friday.</p>

<p>Thanks</p>

<p>Steve</p>