Debt Finance

Snoozebox Holdings plc

SNOOZEBOX AGREES TERMS FOR UP TO £15.6M OF LEASE FINANCE WITH SQN ASSET FINANCE INCOME FUND LIMITED

Snoozebox Holdings plc (AIM: ZZZ), the leading provider of portable hotel accommodation and services, today announces that it has agreed terms for lease finance of up to £15.6m with SQN Asset Finance Income Fund Limited, the only diversified asset financing fund listed in the United Kingdom.

The Company anticipates drawing down approximately £10m of this facility in the next quarter. The remaining finance should be available over the next 12 months, subject to operating and performance criteria.

Lorcán Ó Murchú, Chief Executive, commented, "I am pleased with the terms agreed with SQN and the finance will enable the Company to increase its level of investment in new hotel room stock and accelerate its growth plans. The opportunity to expand the business and enhance shareholder returns with the judicious use of debt finance has been apparent since Snoozebox's conception. This development therefore constitutes an important milestone for the Group and we are delighted to partner with a counterparty of SQN's quality."

Neil Roberts, Investment Manager of SQN Asset Finance Income Fund Limited, commented, "Modular accommodation is an area which we are familiar with and our evaluation concluded that Snoozebox represents an attractive lending proposition, linked to a significant market opportunity. Our fund is focused on financing business-essential, revenue-producing assets and Snoozebox fits our investment criteria, with the pipeline and growth prospects for its portable hotel accommodation."

30 September 2014

Enquiries: