Lords Group extends £95m lending facility
Lords Group Trading
48.00p
16:55 16/05/24
Building materials distributor Lords Group announced an extension to its current £95m lending facilities on Thursday.
Construction & Materials
10,539.07
12:44 17/05/24
FTSE AIM All-Share
791.66
12:45 17/05/24
The AIM-traded firm said the facilities, first announced on 6 April 2023, comprise a £70m revolving credit facility and a £25m receivables financing facility.
With the new extension, the revolving credit facility, initially set for a three-year term, had been prolonged by 12 months to 5 April 2027.
“We are delighted to announce the extension of the company's lending facilities, which provide support for Lords' medium term growth ambitions, particularly our merger and acquisition strategy, and demonstrate the confidence our lending partners have in the prospects of the group,” said chief executive officer Shanker Patel.
At 1539 BST, shares in Lords Group Trading were up 3.12% at 49.5p.
Reporting by Josh White for Sharecast.com.