June 2022 - Bank Covenant Waiver

RNS Number : 6006Q
McBride PLC
29 June 2022

29 June 2022


McBride plc


June 2022 - Bank Covenant Waiver



McBride plc (the "Group"), the leading European manufacturer and supplier of private label and contract manufactured products for the domestic household and professional cleaning and hygiene markets, today provides the following update to the markets.


We are pleased to announce that our banking group has waived the June 2022 covenant tests until 30 September 2022.


In reaching the agreement of the waiver, the Group has agreed to maintain in effect the restrictions announced on 22 December 2021.  These are that the Group will continue to maintain liquidity (cash plus facility headroom) of at least £40 million, and will not pay dividends until the Group evidences compliance with its existing covenants.


McBride had c.£75m of available liquidity as at 28 June 2022.


The Group continues to explore and assess all avenues to maintain liquidity and create additional funding for the benefit of all stakeholders.


We are fully appreciative of the ongoing support that the banking group have and are continuing to give the Group through this period of uncertainty caused by macroeconomic factors which have resulted in rapid and unprecedented rises in input costs and ongoing global supply chain challenges.


The Group continues to perform in line with market expectations and will provide a fuller trading update after the close of its current financial year ending 30 June 2022.



For further information, please contact:

McBride plc

Chris Smith, Chief Executive Officer

0161 203 7570

Mark Strickland, Chief Finance Officer

0161 203 7570

FTI Consulting LLP

020 3727 1017

Ed Bridges, Nick Hasell



This announcement contains inside information. The person responsible for making this announcement is Glenda MacGeekie, Company Secretary.

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.


Mcbride (MCB)
UK 100

Latest directors dealings