Revised Bank Facility

RNS Number : 8364N

Sutton Harbour Group PLC

26 May 2020

 

26 May 2020

Sutton Harbour Group plc

("Sutton Harbour" or the "Company")

Revised Bank Facility

The Company reports that it has successfully negotiated and achieved completion of a revised committed bank facility with incumbent bankers, National Westminster Bank plc. The revised facility allows for the revolving credit facility to be extended by £2m for twelve months (with the possibility of a further twelve month extension), on terms no less favourable than the pre-existing facility, to provide additional headroom should it be needed as a result of disrupted trading caused by the Covid-19 government restrictions. The total bank facility is thereby increased to £27m from £25m as a result of this revision.

Further to the announcement made on 27 March 2020, the Company continues to remain in close contact with its tenants, customers and key stakeholders and is keeping a close watch on changes to government restrictions to allow preparations for the re-opening of facilities, in accordance with official guidance, to be made. Following the government guidance, the Company is pleased that berth-holders are now accessing their boats berthed in the marinas and that the re-awakening of the facilities is proceeding with appropriate care.

Enquiries

Sutton Harbour Group plc	[phone]	Philip Beinhaker, Executive Chairman Corey Beinhaker, Chief Executive Officer Natasha Gadsdon, Finance Director
Arden Partners (Nominated Advisor)	[phone]	Paul Shackleton, Ben Cryer

Notes to Editors

Sutton Harbour Group plc (SUH) is an AIM listed company specialising in marine operations, waterfront regeneration and destination creation in Plymouth and South West England.

The Company operates Sutton Harbour Marina, King Point Marina and Plymouth Fisheries. Operational activities include mixed-use lettings, car parking and support services to harbour users, property management and regeneration and asset enhancement.

Sutton Harbour Group plc is committed to being the leading marine and waterfront regeneration specialist in Southern England, and to positioning Sutton Harbour in Plymouth as a destination of national interest.

 

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