3rd Jul 2017 07:00
3 July 2017
Fairpoint Group plc
("Fairpoint", the "Group" or the "Company")
Assignment of Bank Debt and Receivables Funding Facility for Simpson Millar LLP
The Company has today been notified by AIB Group (UK) plc ("AIB") that AIB has assigned its debt due from Fairpoint to Doorway Capital Limited ("Doorway").
In addition, the Company announces that Doorway, a specialist provider of capital to law firms, has today provided a Receivables Funding Facility ("the Facility") of up to £5 million to Simpson Millar LLP, the Company's wholly owned Legal Services business. The Facility will provide additional working capital for Simpson Millar.
Fairpoint Group plc
David Broadbent, Chief Executive Officer 0161 876 1310
Shore Capital (Nomad and Joint Broker)
Mark Percy 020 7408 4090
Edward Mansfield
MHP Communications
Reg Hoare [email protected]
Hannah Winter 020 3128 8793
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