Property Financing

RNS Number : 8365N

finnCap Group PLC

26 May 2020

 

26 May 2020

finnCap Group plc

("finnCap" or the "Group")

Property Financing

Further to its announcement of 17 January 2020, the Group has now finalised the financing for the fit out of its new offices in 1 Bartholomew Close. On 22 May 2020 Cavendish Corporate Finance Limited ("Cavendish Corporate Finance") entered into a loan agreement with National Westminster Bank plc ("Natwest") for an amount of £1.8m, with a fixed interest rate of 3.65% repayable in equal monthly instalments over 5 years. The Group and its subsidiaries have given a charge over their assets and issued cross guarantees as security for the loan which is also subject to covenants related to the trading performance of Cavendish Corporate Finance.

The current financial year has started well in both of the Group's divisions and, although a number of M&A deals have been delayed, we are encouraged by the remaining pipeline of transactions for the first quarter.  The Group will provide a further trading update with the announcement of its results for the year ended 31 March 2020.

Contacts

finnCap Group plc   Tel: [phone]

Sam Smith, Chief Executive Officer  [e-mail]

Richard Snow, Chief Financial Officer

Grant Thornton (Nominated Adviser)      Tel: [phone]

Philip Secrett/Samantha Harrison/Seamus Fricker

finnCap Ltd (Broker)     Tel: [phone]

Rhys Williams

Tim Redfern

 

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