New £15m Revolving Credit Facility agreed

10 August 2020

Appreciate Group plc

New £15m Revolving Credit Facility agreed

Appreciate Group plc (the 'Group'), the UK's leading multi-retailer redemption product provider to corporate and consumer markets, today announces that it has signed a new revolving credit facility with Santander UK.  This was a measure planned prior to the COVID-19 crisis, and completes the bank financing exercise commenced in April and announced in the Group's trading update issued on 30 April 2020.

This new facility provides committed funding of £15m for a five-year term on an unsecured basis, with an accordion option to extend the facility by a further £10m. Prior to this new facility, the Group had not utilised bank financing.

Tim Clancy, Chief Financial Officer of Appreciate Group, commented:

"We would like to thank Santander for its support and confidence in the Group's well advanced strategic plan to drive medium and long-term growth.

"This new facility provides Appreciate Group with additional financial flexibility to deliver our strategy of driving sales of our higher margin products and investing in accelerating our shift to digital."

Andrew Mulliner, Relationship Director, Origination & Client Coverage, Santander Corporate & Commercial Banking said:

"As consumers increasingly look for new ways to celebrate special occasions and say thank you remotely, and with growing demand from corporate customers looking for more creative ways to engage with both staff and customers, there is a real opportunity for Appreciate Group to grow. We worked closely with management, within very tight timescales, to provide this support which is crucial as the business continues its digital expansion"

Kerry Morley, Director, Strategic Debt Solutions, at Santander worked alongside Andrew Mulliner on the transaction.

Appreciate Group was provided with financing advice by KPMG Debt Advisory (Nick Dodd / Meredith Casey) and legal advice by Addleshaw Goddard (Martin O'Shea / Elizabeth Wareing).

Santander UK was provided with legal advice by Pinsent Masons (Matt Morgan / Tim Fearn).

For further information please visit https://www.appreciategroup.co.uk or contact:

The information contained within this announcement is deemed by Appreciate Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

Notes to Editors:

Appreciate Group is one of the UK's leading gifting, pre-payment and engagement companies, and experts at creating joyful experiences and connecting people to the things in life they enjoy the most.

Everything Appreciate Group does is focused on creating more joy in the world, and it is proud to be trusted to help its customers create moments they can treasure and remember, whether they are giving, celebrating or rewarding.

Appreciate Group is a financial services business with a wide portfolio of brands which provide solutions for its consumer and business customers. Its consumer-facing brands meet a range of prepayment and gifting needs, while its business products help corporate customers reward and recognise their employees and clients.

Appreciate Group is home to many of the country's most-loved gifting, pre-payment and engagement solutions including Park Christmas Savings, Highstreetvouchers.com and Love2shop, and we are fast-becoming the home of digital innovation in gifting.

Whether it's saving towards the perfect family Christmas or celebrating with gift cards and vouchers, we create and supply products that millions of people trust when it comes to giving and receiving with family, friends or colleagues.

Park Christmas Savings: As the UK's largest family Christmas savings club, Park Christmas Savings has helped over 2.7 million families budget for Christmas on a short-term or year-round basis.

Love2shop: Love2shop offers gift cards and gift vouchers available to spend at stores and attractions across the UK. They are also used through our Love2shop Business Services providing corporate partners with incentives and rewards for their employees and clients.

Select Digital Gift Card: The UK's first fully digital multi-retailer gift card, available to spend online or in-store through your mobile wallet.

Appreciate Group plc's shares are traded on AIM, a market operated by the London Stock Exchange.

The Park Prepayments Protection Trust is designed to increase protection for customers' prepayments. The Trust has three directors, two of whom are independent of Appreciate. Details of the trust are set out here: https://www.getpark.co.uk/CORPORATE/declaration.pdf