Analysts at UBS noted that over the nine months period to 26 April completions are down only 1.4% to 6,506 and with sites beginning to reopen gradually in May, their estimate for 38% decline in sales volumes in the second half "could be too negative". With the group having a £98mln net debt position versus £90mln in March and £229mln a year earlier, the Swiss bank noted that Bellway has been confirmed eligibility for access to £300mln on the Bank of England 's Covid Corporate Financing Facility (CCFF) which "should further reduce liquidity concerns" on top of committed bank facilities of £545mln. The analysts noted that epected cash outflows until July amount to around £260mln, comprising of £155mln of payments for works prior to site closures, £60mln land creditor unwind and £45mln of fixed monthly cost before any mitigation.