Norman Broadbent PLC Funding Update (5369G)
26 November 2020 - 6:00PM
UK Regulatory
TIDMNBB
RNS Number : 5369G
Norman Broadbent PLC
26 November 2020
Norman Broadbent plc
("Norman Broadbent", the "Company" or the "Group")
Funding Update
Norman Broadbent (AIM: NBB) - a leading London listed
Professional Services firm offering a diversified portfolio of
integrated Leadership Acquisition & Advisory Services -
announces that, in order to strengthen the balance sheet and aid
liquidity, the Company has secured a GBP250,000 six-year term loan
facility under the British Business Bank's Coronavirus Business
Interruption Loans Scheme (CBILS) from its bankers, Metro Bank PLC
(the "Facility").
The Facility can be drawn down at any point before 16(th)
January 2021 with a 12-month interest-free period following
drawdown and an interest rate of 4.75% over Metro Bank Base Rate
per annum on the drawn down amount thereafter. The funds are
repayable commencing 12 months after drawdown in equal monthly
instalments for the remaining five years. There will be no penalty
for making early repayment(s) of all or part of the Facility.
Additionally, the Company has agreed a new invoice financing
facility with Metro Bank PLC and a further GBP1,500,000 is now
available under this facility in addition to the CBILS loan. As of
31 October 2020, the Company had drawn down approximately
GBP332,000 on its existing invoice financing debt facility which
will be replaced by the Metro Bank facility in February 2021.
Mike Brennan, Norman Broadbent plc CEO, said:
"We are pleased with these new funding arrangements which are
testament to much hard work by our team over recent years. The new
invoice discounting facility will greatly improve liquidity and
help fuel further growth. In addition, with - it is said - only 1
in 10 applicants in our sector being approved for CBILS, our
securing of this loan says much about the increasing strength of
our business and how we are regarded.
These new funding arrangements are particularly important as we
seek growth opportunities by way of M&A activity, strategic
'tuck-ins' with smaller businesses or teams, and organic
growth."
Enquires:
Norman Broadbent plc
Mike Brennan
Steve Smith 020 7484 0000
WH Ireland Limited
Adrian Hadden
Jessica Cave
Darshan Patel
Matthew Chan 020 7220 1666
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