FireAngel Safety Technology Group CBILS loan application update (5523T)
26 March 2021 - 06:00PM
UK Regulatory
TIDMFA.
RNS Number : 5523T
FireAngel Safety Technology Group
26 March 2021
26 March 2021
FireAngel Safety Technology Group plc
('FireAngel', the 'Group' or the 'Company')
CBILS loan application update
Further to its announcement of 25 January 2021, FireAngel (AIM:
FA.), one of Europe's leading developers and suppliers of home
safety products, announces that it has secured additional bank
funding under UK Government backed Coronavirus loan schemes.
On 22 June 2020, the Group announced that it had secured funding
of GBP3.2 million through the Coronavirus Large Business
Interruption Loan Scheme ('CLBILS') from its existing bank, HSBC UK
(the "Existing Loan"). This loan supported the Group through the
first lockdown and, in 4Q 2020, the Group began to engage HSBC UK
for further support to meet the challenges of subsequent and
rolling lockdowns.
As previously announced, the Group's revenue for the year ended
31 December 2020 is expected to be approximately GBP39.9 million.
As the Group's revenue is now below GBP45.0 million, the Existing
Loan (which will reduce to GBP2.0 million at the end of March 2021)
has been refinanced under the Coronavirus Business Interruption
Loan Scheme ("CBILS") with HSBC UK. The new loan of, in aggregate,
GBP3.7 million ("New Loan") comprises a CBILS loan of GBP3.2
million and an additional Receivables Finance CBILS of GBP0.5
million. The New Loan, which will be used to pay off the balance of
the Existing Loan, has a term of 6 years with the first year being
free of interest and capital repayments and an interest rate
thereafter of 3.99 per cent. over the Bank of England's base
rate.
The timing of securing the New Loan has impacted completion of
the audit of the Company's results for the year ended 31 December
2020 (the "Year"). As a result, the Company expects to release its
audited final results for the Year during April 2021 instead of in
late March 2021 as previously notified. A further announcement will
be made in due course.
John Conoley, Executive Chairman of FireAngel, commented: "W
hilst this process of stabilising the nature of Government support
has taken longer than anticipated, the supportive stance of our
bank over recent months has enabled the Group's return to growth in
4Q 2020, which has continued in 1Q 2021. Whilst our Scottish and EU
markets are still subject to various restrictions, conditions are
improving across all our markets, and this CBILS support underpins
our ability to respond."
For further information, please contact:
FireAngel Safety Technology
Group plc 024 7771 7700
John Conoley, Executive Chairman
Jon Kempster, Interim Chief
Finance Officer
Shore Capital (Nominated adviser
and broker) 020 7408 4050
Tom Griffiths/David Coaten
Houston (Financial PR) 0204 529 0549
Kate Hoare/Laura Stewart
Notes to Editors
About FireAngel Safety Technology Group plc
FireAngel's mission is to protect and save lives by making
innovative, leading-edge home safety products which are simple and
accessible. FireAngel is one of the market leaders in the European
home safety products market.
FireAngel's principal products are connected smoke alarms, CO
alarms, heat alarms and accessories. The Company has an extensive
portfolio of patented intellectual property in Europe, the US and
other selected territories. Products are sold under FireAngel's
leading brands of FireAngel, FireAngel Pro, FireAngel Specification
and AngelEye.
For further product information, please visit:
www.fireangeltech.com
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