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Carclo PLC - West Yorkshire-based plastic parts manufacturer - Says it has revised and extended its funding agreement with HSBC Holdings PLC and its pension scheme. This arrangement provides access to ongoing bank facilities as well as visibility over repayment schedules until June 2025.
The new facilities with lender HSBC comprise a £34.5 million term loan and a £3.5 million revolving credit facility. Also, reaches agreement with pension scheme trustees for deficit repair contributions for 2021 until 2023, with £2.8 million for 2021, £3.9 million for 2022 and £3.8 million for 2023.
Executive Chair Nick Sanders comments: ‘The completion of this refinancing is another positive milestone in the development of Carclo and allows the group to focus on the execution of our growth strategy, aimed at capturing the significant long-term opportunities available to the group’.
Current stock price: 20.10 pence, up 5.1% on Monday in London
12-month change: down 49%
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