Coral Products PLC New Group Banking Facilities (9741S)
15 Marzo 2023 - 8:00AM
UK Regulatory
TIDMCRU
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 GBP10.35 million comprising GBP7.35
million for invoice financing and GBP3 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 GBP2.1 million which after repaying existing
mortgages improves the Group's working capital position by circa
GBP1.4 million.
The Group has also been pre-approved for up to GBP1.5 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
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: 0 20 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
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END
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(END) Dow Jones Newswires
March 15, 2023 03:00 ET (07:00 GMT)
Grafico Azioni Coral Products (AQSE:CRU.GB)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Coral Products (AQSE:CRU.GB)
Storico
Da Gen 2024 a Gen 2025
