Coronavirus Business Interruption Loan Scheme

25 March 2021

Tricorn Group plc

("Tricorn", the "Company" or the "Group")

Coronavirus Business Interruption Loan Scheme ("CBILS")

Tricorn Group plc (AIM: TCN.L), the AIM listed tube manipulation specialist, announces that it has secured an additional £0.5m of funding pursuant to the CBILS Invoice Finance Top Up Facility. This facility, which is backed by a UK Government guarantee, operates within and alongside the Company's existing invoice discounting facility of £3.0m with HSBC UK.

The CBILS Invoice Finance Top Up Facility allows for 100 per cent. prepayment of eligible debtor balances (which were previously funded at 90 per cent.) and continues to fund debts which are older than 120 days from the date of invoice (previously these debts ceased to be eligible for funding). The CBILS Invoice Finance Top Up Facility is for a fixed term of 3 years and is to be repaid within 3 years of drawdown. The discounting margin is the same as the Company's existing invoice discounting facility at LIBOR plus 2.1 per cent., with the UK Government making a Business Interruption Payment to cover the first 12 months of discounting charges.

The Group's cash balances as at 23 March 2021 were approximately £0.7m. If the CBILS Invoice Finance Top Up Facility were to be fully drawn, this would increase the Group's available cash balances to £1.2m.

For further information please contact:

Tricorn Group plc www.tricorn.uk.com

Andrew Moss, Chairman Tel +44 (0)7768 306 701

Michael Stock, Chief Executive/Group Finance Director Tel +44 (0)7894 784 106

Shore Capital Tel +44 (0)20 7408 4080

Tom Griffiths

David Coaten

Henry Willcocks

Notes to Editors:

Tricorn is a value-added manufacturer and specialist manipulator of pipe and tubing assemblies to niche markets worldwide.

Headquartered in Malvern, UK, Tricorn employs around 300 employees and has five manufacturing facilities in China, USA and UK.