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IN BRIEF: H&T Group receives funding facility of GBP10 million

17th Nov 2023 14:11

H&T Group PLC - pawnbroker and retailer of new and pre-owned jewellery - Receives funding facility of GBP10 million from Allica Bank Ltd. Says this additional funding will help to support growth in its pledge book, as well as investment in the store portfolio. The facility comprises a term loan with a maturity which coincides with, and which has the option to extend maturity in line with, the group's existing funding facilities provided by Lloyds Bank PLC. Interest will be charged at 4% above base rate.

Chief Financial Officer Diane Giddy says: "We are very pleased to have the support of Allica Bank as an additional funding partner. We have continued to see good growth in the pledge book in the second half of the financial year, with sustained demand for our products and services, and the investment we are making in our store estate is expected to underpin future growth. The new facility, alongside our existing long-standing support from Lloyds, will enable us to grow our pledge book further in financial 2024."

Current stock price: 456.00 pence

12-month change: down 3.0%

By Holly Beveridge, Alliance News reporter

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