REG - Northcoders Group - Refinancing Agreement and New AI Course Launch

NorthcodersAnnouncement

05/03/2025 07:00

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RNS Number : 3521Z  Northcoders Group PLC  05 March 2025

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.

 

 For immediate release  05 March 2025

 

 

Northcoders Group PLC

('Northcoders', the 'Group' or the 'Company')

 

Refinancing Agreement

and

New AI Course Launch

 

Northcoders (AIM:CODE), a market leader in technology training in the UK, is
pleased announce that it has secured a new finance agreement to support the
Company's next stage of growth.

 

The agreement is with NatWest for a £1.5 million facility. This includes the
£0.4 million refinance of the existing 11% loan with Creative England,
secured over three years, at a significantly improved fixed rate of 3.5% above
base and £1.0 million over four years, at a fixed rate of 2.5% above base.
These superior terms have been secured against the Group's internal IP and the
additional funds will be available to support the next stage of Northcoders
growth as the Company continues to diversify its revenue streams.

 

The loan also offers the option to increase the facility each year, subject to
IP valuation monitoring. Northcoders continues to have a strong balance sheet,
with cash and undrawn loan facilities totalling £2.5million as at 04 March
2025.

 

New AI Course Launch

 

Northcoders also announces it is launching a brand new B2C Training Bootcamp
course focusing on AI and Machine Learning. The Group has carried out market
research for the last year to optimise the skills offering and ensure maximum
demand. The curriculum covers the principles of Data Engineering, Machine
Learning, Cloud Technologies and the Engineering at the heart of AI language
models. The fully online course, spanning 14 weeks, will start on 16 June
2025. The launch reflects Northcoders' ability to diversify and provide
technology training of the highest calibre in the most sought-after
disciplines in the digital training market.

 

Chris Hill, CEO of Northcoders, said: "We are delighted to start this new
relationship with NatWest, with the terms of the arrangement highlighting the
significant maturity of Northcoders and our internally built IP in recent
years.

 

"The UK's economic growth is being held back by the digital skills gap, and
therefore we are confident that the demand for Group's first-class technology
training will continue. The recent efforts of both private and public
organisations to integrate AI and Machine Learning into the workplace is a
demonstration of the importance of businesses like Northcoders which can
provide the infrastructure for future growth."

 

Neil Brophy, Senior Relationship Manager at NatWest, said: Northcoders has
demonstrated that its technology training business model is well positioned to
make the most of the increasing demand for technology training in the UK. We
are excited to support Chris and his talented team."

 

 

- Ends -

 

 For further enquiries:

Northcoders Group plc                          Via Burson Buchanan
 Chris Hill, CEO                                Tel: +44 (0) 20 7466 5000
 Charlotte Prior, CFO                           investors.northcodersgroup.com (https://investors.northcodersgroup.com)

 Zeus (Nominated Adviser & Joint Broker)        Tel: +44 (0) 20 3829 5000
 Mike Coe / Darshan Patel (Investment Banking)

 Fraser Marshall (Sales)

 

Peterhouse Capital Limited (Joint Broker)  Tel: +44 (0) 20 7496 0930
 Martin Lampshire                           www.peterhousecap.com (http://www.peterhousecap.com/)
 Lucy Williams

Duncan Vasey

 Burson Buchanan                            Tel: +44 (0) 20 7466 5000
 Henry Harrison-Topham                      northcoders@buchanan.uk.com (mailto:northcoders@buchanan.uk.com)
 Steph Whitmore                             www.bursonbuchanan.com (http://www.bursonbuchanan.com/)

 Jesse McNab

 

 Peterhouse Capital Limited (Joint Broker)  Tel: +44 (0) 20 7496 0930
 Martin Lampshire                           www.peterhousecap.com (http://www.peterhousecap.com/)
 Lucy Williams

Duncan Vasey

 Burson Buchanan                            Tel: +44 (0) 20 7466 5000
 Henry Harrison-Topham                      northcoders@buchanan.uk.com (mailto:northcoders@buchanan.uk.com)
 Steph Whitmore                             www.bursonbuchanan.com (http://www.bursonbuchanan.com/)

 Jesse McNab

 

 

Notes to Editors

 

Northcoders is a market leading provider of technology training for businesses
and individuals with courses in, Software Engineering, Data Engineering, AI
and Machine Learning, and Platform Engineering.  Founded in 2015, the Group's
business model operates a hybrid structure with a flagship site in Manchester
and other sites in Leeds, Birmingham and Newcastle supported by a proven
digital offering to support its students across the UK.

 

Powered by IP rich technology, Northcoders offers boot camp courses to
individuals from a range of backgrounds, delivered through virtual and
physical learning.  The Group also works with blue chip corporates across
multiple sectors to help them to achieve their digital requirements, with
teams as a service and to supply innovative solutions for the upskilling and
reskilling of employees. With a keen focus of inclusivity, diversity and
quality at its core, Northcoders aims to address the digital skills gap in the
UK to meet the increasing demand for digital specialists at all levels, from
businesses and public agencies.

 

Northcoders was admitted to trading on AIM in July 2021 with the ticker
CODE.L.  For additional information please visit
investors.northcodersgroup.com (https://investors.northcodersgroup.com) .

 

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