Jaywing takes flight after securing additional funding

Agency and consulting business Jaywing secured additional funding from major shareholders on Wednesday, putting the business in a "much stronger" financial position.

Lord Ashcroft KCMG PC and Lombard Odier Asset Management, Jaywing's major shareholders, acquired the Sheffield-based group's secured loan facility owed to Barclays and also increased it by £3m to £8.2m, enabling the company to repay its outstanding overdraft and provide it with additional working capital.

The AIM-listed group also said the shareholders had indicated their ongoing support for the business, including the provision of further debt and/or equity if needed.

Jaywing said: "The additional finance ensures that the company is in a much stronger financial position to not only meet its short-term financing requirements but also to continue realigning the business and its product offerings to client demand in a market place which has and continues to evolve rapidly."

On Monday, the company revealed in its delayed annual report that revenues had slipped as a result of harsh trading conditions across the UK during the final quarter of 2019.

As of 0920 BST, Jaywing shares had surged 195.92% to 7.25p.