Bank debt and funding facility update

RNS Number : 8457J

Fairpoint Group PLC

03 July 2017

 

3 July 2017

Fairpoint Group plc

("Fairpoint", the "Group" or the "Company")

Assignment of Bank Debt and Receivables Funding Facility for Simpson Millar LLP

The Company has today been notified by AIB Group (UK) plc ("AIB") that AIB has assigned its debt due from Fairpoint to Doorway Capital Limited ("Doorway").

In addition, the Company announces that Doorway, a specialist provider of capital to law firms,  has today provided a Receivables Funding Facility ("the Facility") of up to £5 million to Simpson Millar LLP, the Company's wholly owned Legal Services business. The Facility will provide additional working capital for Simpson Millar.

Fairpoint Group plc

David Broadbent, Chief Executive Officer                                                                            0161 876 1310

Shore Capital (Nomad and Joint Broker)

Mark Percy                                                                                                                                         020 7408 4090

Edward Mansfield

MHP Communications

Reg Hoare                                                                                                                                       [e-mail]

Hannah Winter                                                                                                                                 020 3128 8793

 

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