REG - Coral Products PLC - New Group Banking Facilities

Coral ProductsAnnouncement

15/03/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230315:nRSO9741Sa&default-theme=true

RNS Number : 9741S  Coral Products PLC  15 March 2023

15 March 2023

Coral Products plc

(the "Group" or "Coral")

 

New Group banking facilities

 

Coral Products plc, a specialist in the design, manufacture and supply of
plastic products based in Wythenshawe, Manchester, is pleased to announce that
it has entered a new improved banking facility with Virgin Money (the
"Facility"). The Facility gives the Group a banking facility of £10.35
million comprising £7.35 million for invoice financing and £3 million for
trade financing.

In addition, the Group has re-mortgaged the freehold buildings acquired with
Film & Foil Solutions Ltd and Alma Products Ltd for a combined £2.1
million which after repaying existing mortgages improves the Group's working
capital position by circa £1.4 million.

The Group has also been pre-approved for up to £1.5 million of asset finance
to fund future capital projects.

Executive Chairman, Joe Grimmond, said: "I am delighted that Virgin Money has
chosen to partner with us in the further development of the Group. Virgin
Money has shown great flexibility in providing the improved facilities
acknowledging our ambitions for the future growth of our business. Overall,
these actions combined will further enhance the financial strength of the
Group".

Mark Preston, Corporate Director, Virgin Money Strategic Finance Team (North
West England), said: "Coral is an exciting business which has delivered growth
and innovation within the markets they operate. With these new banking
facilities in place to support their growth ambitions, we are looking forward
to working with the management team as they continue their exciting journey".

For more information on Coral, please visit the following website:

www.coralproducts.com (http://www.coralproducts.com/)

ENQUIRIES:

Coral Products plc

Joe Grimmond, Executive
Chairman
 
                Tel: 07703 518148

Nominated Adviser & Broker

Cenkos Securities plc

Adrian Hadden

Charlie
Combe
Tel: 020 7397 8900

 

Financial PR

Novella

Tim
Robertson
Tel: 020 3151 7008

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBRGDXLUBDGXS