REG - H&T Group PLC - Announcement of Additional Financing

H & TAnnouncement

17/11/2023 07:00

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RNS Number : 7573T  H&T Group PLC  17 November 2023

17th November 2023

 

H&T Group plc

 

("H&T," the "Company" or the "Group")

Announcement of Additional Financing

H&T Group Plc ("H&T" or "The Group"), the UK's largest pawnbroker and
a leading retailer of new and pre-owned jewellery and watches is pleased to
announce that it has received additional support to fund the growth of the
business from Allica Bank Limited in the form of a funding facility of £10m.
The additional funding will support the growth in the pledge book and
investment in the store portfolio.

The facility comprises a term loan with a maturity which coincides with, and
which has the option to extend maturity in line with, the Group's existing
funding facilities provided by Lloyds Bank Plc.

Interest will be charged at a rate of 4% above Base Rate.  Covenants are
aligned with those of the existing funding facilities with Lloyds Bank plc,
with the addition of a new covenant requiring asset cover (pledge book plus
inventory) of no less than 3x net debt.

Allica Bank Limited is a specialist bank providing lending, savings and
current accounts to established SME businesses, delivered through a
combination of proprietary technology and human relationships.

Diane Giddy, Chief Financial Officer of H&T, said:

"We are very pleased to have the support of Allica Bank as an additional
funding partner. We have continued to see good growth in the pledge book in
the second half of the financial year, with sustained demand for our products
and services, and the investment we are making in our store estate is expected
to underpin future growth. The new facility, alongside our existing
long-standing support from Lloyds, will enable us to grow our pledge book
further in FY24."

 

 Enquiries
 H&T Group plc                                      +44(0)20 8225 2700

 Chris Gillespie, Chief Executive Officer
 Diane Giddy, Chief Financial Officer

 Shore Capital Ltd (Nominated Advisor and Broker)   +44(0)20 7408 4090
 Stephane Auton/Iain Sexton (Corporate Advisory)
 Guy Wiehahn/Isobel Jones (Corporate Broking)

 Alma (Public Relations)                            +44(0)20 3405 0205
 Sam Modlin                                         handt@almastrategic.com
 Andy Bryant

 Rebecca Sanders-Hewett

 

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