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Norman Broadbent secures £250,000 loan facility under Business Interruption Scheme
StockMarketWire.com
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Executive recruitment firm Norman Broadbent has secured a £250,000 six-year term loan facility under the British Business Bank's Coronavirus Business Interruption Loans Scheme (CBILS) from Metro Bank to strengthen its balance sheet and aid liquidity.
It said that the facility can be drawn down at any point before 16 January 2021, with a 12-month interest-free period following drawdown and an interest rate of 4.75% over Metro Bank base rate per annum on the drawn down amount thereafter.
The funds are repayable commencing 12 months after drawdown in equal monthly instalments for the remaining five years.
In addition, Norman Broadbent has agreed a new invoice financing facility with Metro Bank and a further £1,500,000 is now available under this facility in addition to the CBILS loan.
Chief executive Mike Brennan said that the new invoice discounting facility will 'greatly improve liquidity and help fuel further growth'.
He added: 'These new funding arrangements are particularly important as we seek growth opportunities by way of M&A activity, strategic 'tuck-ins' with smaller businesses or teams, and organic growth.'
As of 31 October 2020, the company had drawn down approximately £332,000 on its existing invoice financing debt facility which will be replaced by the Metro Bank facility in February 2021.
At 9:03am: (LON:NBB) Norman Broadbent PLC share price was 0p at 5.05p
Story provided by StockMarketWire.com
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