2nd Jul 2018 13:22
LONDON (Alliance News) - Recruitment company Kellan Group PLC said Monday that it has agreed to a partial purchase of GBP600,000 outstanding secured fixed rate loan notes due 2022 that were issued to BMN Commercial Ltd.
The company plans to purchase GBP360,000 worth of loan notes for a purchase price of £300,000. The purchase will be funded by drawdown on the company's existing confidential invoice discounting facility provided by Barclays.
Following the purchase of GBP360,000 loan notes, the company has loan notes outstanding to BMN Commercial amounting to GBP1.5 million and due for repayment on September 20, 2022.
BMN Commercial is owned by the family of Paul Bell, who is interested in 62% of the issued share capital of the company. Richard Ward, executive chairman of Kellan Group, is a director of BMN Commercial.
Shares in Kellan were trading 4.1% lower at 77 pence each.