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Anexo Group PLC - Liverpool, England-based credit hire and legal services provider - Increases debt facilities with its two lenders to fund growth in its credit hire and legal services divisions. Says the new facilities will provide additional financing of GBP16.0 million across the year.
Increases its invoice discounting facility for its credit hire division to GBP25.0 million from GBP18.5 million. Secure Trust Bank PLC provides the facility, which has been extended to the end of 2022. This includes a GBP17.0 million credit hire facility, a GBP6.5 million credit repair facility and a GBP1.5 million facility to support growth within its subsidiary, Professional & Legal Services Ltd. Interest on the credit hire and credit repair facilities is charged at 3.8% above the base rate; interest on the Professional & Legal Services facility is charged at 2.75% above base rate. Notes three additional quarterly increases of GBP2.5 million, taking the facility total to GBP32.5 million with a limit of GBP36.5 million overall.
Expects its legal services division - Bond Turner Ltd - to increase its revolving credit facility with HSBC to GBP10.0 million from GBP8.0 million shortly. Says the facility is committed for three years with interest payable at the Sonia interest rate benchmark.
Executive Chair Alan Sellers says: "The new facilities will enable us to broaden our dual strategies of raising the number of vehicles on the road, while investing in legal staff and infrastructure to increase the level of cash collections. The board believes that its policy of concentrating on growth will offer new opportunities for the group and create long-term value for all our shareholders."
Current stock price: 142.80 pence
Year-to-date change: up 9.9%
By Scarlett Butler; scarlettbutler@alliancenews.com
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