Announcement of Increased Bank Financing

H&T Group PLC

24 July 2023

 

24 July 2023

H&T Group plc

("H&T," the "Company" or the "Group") 

 Announcement of Increased Bank Financing

H&T Group Plc ("H&T" or "The Group"), the UK's largest pawnbroker and a leading retailer of new and pre-owned jewellery and watches, today announces an increase in the financing facilities provided by its longstanding bankers, Lloyds Bank plc.

The Group is pleased to have received the further support of its bankers, in the form of an increase to the available funding facility, which has been increased to £50m (previously £35m).

The facility comprises a combination of a £45m revolving credit facility, expiring in December 2025, with the option to extend for a period of up to two further years, and a £5m annual overdraft  facility. 

The revolving credit facility is subject to revised margins of between 2.4% and 3.3% (previously 1.7% and 2.45%) above SONIA, with an unchanged non-use fee of 50% of the margin on the undrawn portion of the facility. There has been no change to the existing covenants.

The overdraft margin remains unchanged at 1.7% above the Bank of England base rate and renews annually in December.

This additional finance will be used to fund further growth in the pledge book and investment in the store portfolio.

Enquiries

H&T Group plc         Chris Gillespie, Chief Executive Officer           Diane Giddy, Chief Financial Officer	[phone]
Shore Capital Ltd (Nominated Advisor and Broker Stephane Auton/Iain Sexton (Corporate Advisory) Guy Wiehahn/Isobel Jones (Corporate Broking)	[phone]
Alma PR (Public Relations)                 Sam Modlin                                           Andy Bryant                                          Pippa Crabtree	[phone] [e-mail]

 

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