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

 

+44(0)20 8225 2700

Shore Capital Ltd (Nominated Advisor and Broker

Stephane Auton/Iain Sexton (Corporate Advisory)

Guy Wiehahn/Isobel Jones (Corporate Broking)

 

+44(0)20 7408 4090

Alma PR (Public Relations)                

Sam Modlin                                          

Andy Bryant                                         

Pippa Crabtree

+44(0)20 3405 0205

handt@almapr.co.uk

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 

Companies

H&T Group (HAT)
UK 100

Latest directors dealings