TIDMGUS
RNS Number : 4549N
Gusbourne PLC
30 September 2021
30 September 2021
Gusbourne Plc
("Gusbourne" or the "Company")
Interim Results to 30 June 2021
Gusbourne Plc, the English sparkling wine producer, is pleased
to announce its unaudited interim results for the six months ended
30 June 2021.
Continuing strong growth in net revenue in the first half, with
net revenue up 63%, and with full year net revenue expected to
exceed expectations
H1 2021 H1 2020 Change FY 2020
GBP'000 GBP'000 % GBP'000
NET REVENUE AND ADJUSTED EBITDA
Net revenue (1) 1,448 890 63% 2,109
Gross profit 829 518 60% 1,230
Adjusted EBITDA (2) (945) (603) (1,321)
Gross profit % 57% 58% 58%
STATUTORY RESULTS
Net revenue (1) 1,448 890 63% 2,109
Gross profit 829 518 60% 1,230
Fair value movement in biological
produce (217) (177) (221)
Administrative expenses (2,084) (1,457) (3,198)
Operating profit/(loss) (1,472) (1,116) (2,189)
RECONCILIATION OF OPERATING
PROFIT/(LOSS)
TO ADJUSTED EBITDA
Operating profit/(Loss) (1,472) (1,116) (2,189)
Add back;
Depreciation 310 336 647
Fair value movement in biological
produce 217 177 221
Adjusted EBITDA (2) (945) (603) (1,321)
(1) Net revenue is revenue reported by the Company after excise
duties payable
(2) Adjusted EBITDA means profit/(loss)from operations before
fair value movement in biological produce, interest, tax,
depreciation and amortisation.
Highlights
-- Net revenue (1) up by 63% to GBP1,448,000 (30 June 2020: GBP890,000)
-- Gross profit up by 60% to GBP829,000 (30 June 2020: GBP518,000)
-- Adjusted EBITDA (2) loss of GBP945,000 (H1 2020: GBP603,000
loss). Includes increased investment in sales and marketing to
support planned future sales growth. The adjusted EBITDA loss for
FY 2021 is expected to be marginally higher than FY 2020 due to
higher planned sales and marketing spend designed to promote faster
sales growth.
-- Further strong growth in sales from Direct To Consumer (DTC)
channels following the significant shift to DTC seen in 2020, with
DTC net wine revenue of GBP381,000 (H1 2020: GBP184,000), more than
doubling that of the prior year period. This growth has been
supported by further strong online sales growth and increased
visitor numbers at our cellar door facilities in Kent.
-- UK Trade sales have rebounded sharply from their previous
decline in 2020 when they were severely impacted by hospitality
closures, with net wine revenue at GBP596,000 (H1 2020:
GBP223,000).
-- Other income at GBP162,000 (H1 2020: GBP54,000), which
includes vineyard and winery tours, increased by three times
against H1 2020 due to increased visitor numbers at our cellar door
operations in Kent.
-- International sales at GBP309,000 (H1 2020: GBP429,000) were
down partly due to continued travel disruption in the global travel
retail sector.
-- Ongoing success in international and UK wine competitions
(tasted blind by some of the world's most exacting critics) with a
total of 42 medals awarded to date in 2021, including twelve gold
medals. Particular highlights include a platinum medal at the
Decanter World Wine Awards, the Judges Selection Medal in the
prestigious Texsom awards in the United States in May and trophies
for 'Best Chardonnay' and 'Winery of the Year' at the WineGB awards
in September.
Charlie Holland, Chief Winemaker and Chief Executive Officer,
commented:
"We are delighted to report year on year net revenue growth of
63% in the first six months of 2021, despite the challenges
presented by COVID-19. We have plans for significant business
growth over the coming few years to capitalise on our luxury brand
positioning.
Current trading continues to reflect strong sales growth, and we
remain confident about the long term prospects for the business
based on continued growth in Direct To Consumer sales,
international expansion, and building direct relationships with key
customers in the UK hospitality trade."
Enquiries:
Gusbourne Plc
Charlie Holland +44 (0)12 3375 8666
Canaccord Genuity Limited (Nomad and Joint Broker)
Bobbie Hilliam +44 (0)20 7523 8000
Georgina McCooke
Panmure Gordon (UK) Limited (Joint Broker)
Oliver Cardigan + 44 (0)20 7886 2500
Hugh Rich
Ailsa MacMaster
Note: This and other press releases are available at the
Company's website: www.gusbourneplc.com
Note to Editors
Gusbourne produces and distributes a range of high quality and
award winning vintage English sparkling wines from grapes grown in
its own vineyards in Kent and West Sussex.
The Gusbourne business was founded by Andrew Weeber in 2004 with
the first vineyard plantings at Appledore in Kent. The first wines
were released in 2010 to critical acclaim. Following additional
vineyard plantings in 2013 and 2015 in both Kent and West Sussex,
Gusbourne now has 231 acres of mature vineyards. The NEST visitor
centre was opened next to the winery in Appledore in 2017,
providing tours, tastings and a direct outlet for our wines.
Right from the beginning, Gusbourne's intention has always been
to produce the finest English sparkling wines. Starting with
carefully chosen sites, we use best practice in establishing and
maintaining the vineyards and conduct green harvests to ensure we
achieve the highest quality grapes for each vintage. A quest for
excellence is at the heart of everything we do. We blind taste
hundreds of samples before finalising our blends and even after the
wines are bottled, they spend extended time on their lees to add
depth and flavour. Once disgorged, extra cork ageing further
enhances complexity. Our winemaking process remains traditional,
but one that is open to innovation where appropriate. It takes four
years to bring a vineyard into full production and a further four
years to transform those grapes into Gusbourne's premium sparkling
wine.
We are one of England's most awarded wine producers. Highlights
include:
-- Three times winner of the International Wine & Spirits
Challenge (IWSC) English Wine Producer of the Year, having won the
award in 2013, 2015 and 2017- a unique achievement
-- Winner of 'Winery of the Year' trophy at the WineGB competition
-- Highest rated English sparkling wine by the Wine Enthusiast in 2020
-- Trophy for best English Still Red Wine at the WineGB awards 2018-2020
-- Best in Class trophies at the Champagne & Sparkling World Championships in both 2018 and 2019
-- 'Best English Sparkling Wine' as well as overall 'IWC China
Champion Sparkling Wine 2019' at the International Wine Challenge
held in Shanghai
Gusbourne's luxury brand enjoys premium price positioning and is
distributed in the finest establishments both in the UK and abroad.
Our wines can be found in leading luxury retailers, restaurants,
hotels and stockists, always being aware that where we are says a
lot about who we are.
OPERATIONS AND FINANCIAL REVIEW
Results
Net revenue for the period amounted to GBP1.45m (H1 2020:
GBP0.89m), an increase of 63% on the corresponding period last
year. This increase in net revenue for the half year is more than
double the annual rate of growth of 27.6% for the year ended 31
December 2020. Net revenue for the year ending 31 December 2021 is
expected to exceed expectations.
Net revenue by distribution channel is shown in the table
below.
NET REVENUE BY DISTRIBUTION
CHANNEL
H1 2021 H1 2020 Change FY 2020
GBP'000 GBP'000 % GBP'000
Direct to Consumer (DTC) 381 184 107% 586
UK Trade 596 223 167% 721
International 309 429 (28)% 634
Net wine sales 1,286 836 54% 1,941
Other income 162 54 200% 168
Total net revenue 1,448 890 63% 2,109
PERCENTAGES OF NET WINE SALES
Direct to Consumer (DTC) 29.6% 22.0% 30.2%
UK Trade 46.4% 26.7% 37.1%
International 24.0% 51.3% 32.7%
100.0% 100.0% 100.0%
Operating expenses for the six months, excluding depreciation,
amounted to GBP1.77m (H1 2020: GBP1.12m), included planned
increased expenditure on sales and marketing costs of GBP1.15m (H1
2020: GBP0.69m) reflecting continuing investment in the growth of
the business and its sales beyond the current financial year. Sales
and marketing costs, which are largely discretionary, continue to
represent a relatively high proportion of net revenues during this
planned growth phase of the business.
Adjusted EBITDA for the six months was a loss of GBP0.95m (H1
2020: GBP0.60m). These losses continue to be in line with
expectations and the long-term growth strategy of the Group which
is based on continuing strong sales growth of Gusbourne wines and
related income such as vineyard and winery tours at our cellar door
operations in Kent. The adjusted EBITDA loss for FY 2021 is
expected to be marginally higher than FY 2020 due to higher planned
sales and marketing spend designed to promote faster sales
growth.
Balance Sheet
Total Group's tangible assets at 30 June 2021 amounted to
GBP21.94m (2020: GBP20.85m) comprise property, plant and equipment
of GBP10.54m (excluding right of use assets under IFRS 16) (2020:
GBP11.02m), wine inventories of GBP9.53m (2020: GBP7.67m) and trade
and other receivables of GBP1.10m (2020: GBP0.99m). These assets
are carried at cost, less depreciation where applicable, and do not
reflect any potential upside from valuation adjustments.
The main increase in cash invested in these assets since 30 June
2020, has been in inventories which has increased by GBP1.86m at
cost, net of depletions via sales. These inventories represent wine
in its various stages of production, from wine in tank from the
last harvest to the finished products which take around four years
to produce from the time of harvest. These additional four years
reflect the time it takes to transform our high-quality grapes into
Gusbourne's premium sparkling wine. An important point to note is
that these wine inventories already include the wine (at its
various stages of production) to support planned sales for the next
four years.
The Group's intangible assets of GBP1.01m (2020: GBP1.01m) arose
on the acquisition of the Gusbourne Estate business on 27 September
2013. Intangible assets, which includes the Gusbourne brand itself,
remain unimpaired at their historical amount and in accordance with
the relevant accounting standards.
Funding
The Group is currently funded by shareholder's equity, short
term debt of GBP5.97m and a long term revolving asset finance
facility of up to GBP10.50m.
The 5-year long term asset finance facility was provided by PNC
Business Credit, a trading style of PNC Financial Services UK Ltd
("PNC") in June 2020. At 30 June 2021 the amount drawn down under
this facility was GBP8.47m.
The short-term debt of GBP5.97m, comprising deep discount bonds
and debt, and which was largely provided by related parties of the
Group was originally due for repayment on 15 August 2021. On 22
July 2021 the Company announced that it had agreed with the
required majority of the holders of the deep discount bonds and the
holder of the short term debt to extend the maturity of the debt
from 15 August 2021 until 15 October 2021.
As announced on 22 July 2021, the Group is continuing to explore
the option of raising new cash equity funds to support further
business expansion, both in wine production and sales growth.
Current trading and outlook
Current trading reflects continuing strong net revenue growth
and we expect the second half of the year to reflect the usual
seasonal pattern of stronger second half net revenue performance
and exceed full year net revenue expectations.
We look forward to significant further business development and
growth in the coming years based on our luxury market positioning,
with ongoing support from our valued stakeholders.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2021
Unaudited Unaudited Audited
Six months Six months Year ended
to to
30 June 30 June 31 December
Notes 2021 2020 2020
GBP'000 GBP'000 GBP'000
Revenue 2 1,598 949 2,294
Excise duties (150) (59) (185)
Net revenue 1,448 890 2,109
Cost of sales (619) (372) (879)
Gross profit 829 518 1,230
Fair value movement in biological
assets 6 (217) (177) -
Fair movement in biological
produce 6 - - (221)
Administrative expenses (2,084) (1,457) (3,198)
Loss from operations (1,472) (1,116) (2,189)
Finance expense 4 (450) (452) (877)
Loss before tax (1,922) (1,568) (3,066)
Tax expense - - -
Loss and total comprehensive
loss for the period attributable
to
period attributable to owners
of the parent (1,922) (1,568) (3,066)
Loss per share attributable
to
the ordinary equity holders
of the parent:
Basic and diluted (4.14p)) (3.37p) (3.2 (6.60p)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2021
Unaudited Unaudited Audited
30 June 30 June 31 December
Notes 2021 2020 2020
Assets GBP'000 GBP'000 GBP'000
Non-current assets
Intangibles 1,007 1,007 1,007
Property, plant and equipment 5 12,540 13,062 12,793
Other receivables 35 40 38
13,582 14,109 13,838
--------- --------- ---------
Current assets
Biological assets 6 541 660 -
Inventories 7 9,533 7,669 9,325
Trade and other receivables 1,095 988 869
Cash and cash equivalents 190 473 262
--------- --------- ---------
11,359 9,790 10,456
--------- --------- ---------
Total assets 24,941 23,899 24,294
--------- --------- ---------
Liabilities
Current liabilities
Trade and other payables (1,355) (1,140) (769)
Loans and borrowings 8 (5,971) - (5,676)
Lease liabilities (100) (123) (92)
(7,426) (1,263) (6,537)
--------- --------- ---------
Non-current liabilities
Loans and borrowings 8 (8,305) (10,017) (6,613)
Lease liabilities (2,001) (1,993) (2,016)
(10,306) (12,010) (8,629)
Total liabilities (17,732) (13,273) (15,166)
NET ASSETS 7,209 10,626 9,128
--------- --------- ---------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
At 30 June 2021
Issued capital and reserves attributable
to
owners of the parent
Share capital 12,048 12,048 12,048
Share premium 10,918 10,915 10,915
Merger reserve (13) (13) (13)
Retained earnings (15,744) (12,324) (13,822)
-------- -------- --------
TOTAL EQUITY 7,209 10,626 9,128
-------- -------- --------
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2021
Unaudited Unaudited Audited
Six months to months to Six months to Year ended
30 June 30 June 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Cashflows from operating
activities
Loss for the year/period before tax (1,922) (1,568) (3,066)
Adjustments for:
Depreciation of property, plant and
equipment 310 336 647
Finance expense 450 452 877
Fair value movement in biological
asset 217 177 -
Fair value movement in biological
produce - - 221
----------------------- ------------- ----------
Operating cash flow before changes
in working capital (945) (603) (1,321)
(Increase) in trade and other
receivables (223) (120) (143)
Increase in inventories (178) (163) . (1,978)
(Increase) in biological assets (758) (837) -
Increase in trade and other payables 586 388 17
----------------------- ------------- ----------
Cash outflow from operations (1,518) (1,335) (3,425)
Investing activities
Purchases of property, plant and
equipment,
excluding vineyard establishment (57) (167) (254)
Sale of property, plant and - - -
equipment
Net cash from investing activities (57) (167) (254)
----------------------- ------------- ----------
Financing activities
Capital loan repayments - (3,253) (3,253)
New loans issued 1,689 4,638 6,796
Loan issue costs (20) (124) (188)
Repayment of lease liabilities (50) (83) (142)
Interest paid (119) (212) (281)
Issue of ordinary shares 3 - -
Net cash from financing activities 1,503 966 2,932
----------------------- ------------- ----------
CONSOLIDATED STATEMENT OF CASH FLOWS (continued)
For the six months ended 30 June 2021
Unaudited Unaudited Audited
Six months to Six months to Six months to Period to
30 June 30 June 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Net increase/(decrease) in cash and cash
equivalents (72) (536) (747)
Cash and cash equivalents at beginning of
period 262 1,009 1,009
---------------------------- ------------- ------------
Cash and cash equivalents at end of period 190 473 262
============================ ============= ============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2021
Total
attributable
to equity
holders
Share Share Merger Retained of
Audited: capital premium reserve earnings parent
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
31 December
2019 12,048 10,915 (13) (10,756) 12,194
Comprehensive
loss for the
period - - - (1,568) (1,568)
______ ______ ______ _____ ______
30 June 2020 12,048 10,915 (13) (12,324) 10,626
______ ______ ______ ______ ______
Comprehensive
loss for the
period - - - (1,498) (1,498)
______ ______ ______ _____ ______
31 December
2020 12,048 10,915 (13) (13,822) 9,128
Unaudited:
Share issue - 3 - - 3
Comprehensive
loss for
the period - - - (1,922) (1,922)
______ ______ ______ _____ ______
30 June 2021 12,048 10,918 (13) (15,744) 7,209
______ ______ ______ ______ ______
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1 Basis of preparation
Statement of compliance
The interim financial statements in this report have been
prepared in accordance with International Financial Reporting
Standards (IFRS) and the IFRS Interpretations Committee (IFRIC)
interpretations that were applied in the preparation of the
Company's published consolidated financial statements for the year
ended 31 December 2020 and are consistent with the accounting
policies expected to apply in its financial statements for the year
ended 31 December 2021. As permitted, this interim report has been
prepared in accordance with the AIM Rules for Companies and does
not seek to comply with IAS 34 "Interim Financial Reporting".
Statutory information
The financial information for the six months ended 30 June 2021
has not been subject to an audit nor a review in accordance with
International Standard on Review Engagements 2410, Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity, issued by the Auditing Practices Board. The
comparative financial information presented herein for the year
ended 31 December 2020 does not constitute full statutory accounts
within the meaning of Section 434 of the Companies Act 2006. The
Group's annual report and accounts for the year ended 31 December
2020 have been delivered to the Registrar of Companies. The Group's
independent auditor's report was unqualified and did not contain a
statement under section 498(2) or 498(3) of the Companies Act 2006.
The report did include a paragraph drawing attention to a material
uncertainty relating to going concern as regards the ability of the
Group to repay its deep discount bonds and other short term loans
on 15 August 2021 and noted that, whilst the directors remained
confident that they will be able to secure access to further
funding, refinance or extend the terms of the existing borrowing,
there was no guarantee that such measures will be achieved. The
opinion was not modified in respect of this matter.
On 22 July 2021 the Company announced that it had agreed with
the required majority of the holders of the deep discount bonds and
the holder of the short term debt to extend the maturity of the
debt from 15 August 2021 until 15 October 2021. The Board have
re-assessed the ability of the Group to repay these existing deep
discount bonds and short-term loan on 15 October 2021. The Board
remains confident that the Group will be able to raise further
funding, refinance or, if required, extend the terms of the
existing borrowings.
The Board of the Company continually assesses and monitors the
key risks of the business. The Board continues to consider the
Group's profit and cash flow plans for at least the next 12 months
and run forecasts and downside "stress test" scenarios. These risks
have not significantly changed from those set out in the Company's
Annual Report for the period ended 31 December 2020 and we continue
to perform ahead of our base case scenarios. In addition, these
stress test scenarios do not show a requirement in excess of the
Group's undrawn facilities, nor do they show the Group breaching
any of its key covenant tests.
The stress test scenarios also include certain cost mitigation
actions, including but not limited to, operating cost reductions
and reduced capital expenditure as well as the mitigating actions
noted above with regards to the Groups deep discount bonds and
short term loan.
Under the significant stress test scenarios, we have run, the
Group could withstand a material and prolonged adverse impact on
revenues and continue to operate within the available lending
facilities. Accordingly, the Group and the Company continues to
adopt the going concern basis in preparing its Financial
Statements.
2 Revenue
Unaudited Unaudited Audited
30 June 30 June 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Wine sales 1,286 836 1,941
Other income 162 54 168
Net revenue 1,448 890 2,109
--------- --------- -----------
Excise duties 150 59 185
Total Revenue 1,598 949 2,294
--------- --------- -----------
3 Loss from operations
Loss from operations has been arrived at after charging:
Unaudited Unaudited Audited
30 June 30 June 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Depreciation of property, plant
and equipment 310 336 647
Staff costs expensed to consolidated
statement of income 695 443 1,037
Furlough grant income (31) (72) (92)
4 Finance expense
Unaudited Unaudited Audited
30 June 30 June 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Finance expense
Interest payable on borrowings 157 296 442
Amortisation of bank transaction
costs 21 13 33
Interest on lease liabilities 13 - -
Discount expense on deep discount
bonds 259 143 402
Total finance expense 450 452 877
--------- --------- -----------
5 Property, plant and equipment
Unaudited Unaudited Audited
30 June 30 June 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Freehold land and buildings 6,199 6,319 6,263
Plant, machinery and motor vehicles 1,381 1,592 1,476
Mature vineyards 2,931 3,076 3,004
Computer equipment 30 30 28
Right of use assets 1,999 2,045 2,022
12,540 13,062 13,231
--------- --------- -----------
Right of use assets
Right of use assets comprise land leases on which vines have
been planted and property leases from which vineyard operations are
carried out. These assets have been created under IFRS 16 -
Leases.
6 Biological assets
Biological assets represent grapes growing on the Group's vines.
Once the grapes are harvested, they are deemed to be biological
produce and transferred to inventories.
Unaudited Unaudited Audited
30 June 30 June 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Crop growing costs 758 837 1,421
Fair value of grapes harvested and
transferred
to inventories - - (1,200)
Fair value movement in biological
assets (217) (177) -
Fair value movement in biological
produce - - (221)
--------- --------- -----------
Fair value of biological assets at
the reporting date 541 660 -
--------- --------- -----------
The fair value of biological assets at the reporting date is
determined by reference to estimated market prices less costs to
sell. The estimated market price for grapes used in respect of 2021
is GBP2,300 (2020: GBP2,300) per tonne. The fair value is subject
to a discount factor of 55% (2020: 55%) due to the grapes, as at
the reporting date, being approximately 3 months away from being
ready for harvest.
A 10% increase in the estimated market price of grapes to
GBP2,530 per tonne would result in an increase of GBP54,000 in the
fair value of biological assets at the reporting date. A 10%
decrease in the estimated market price of grapes to GBP2,070 per
tonne would result in a decrease of GBP54,000 in the fair value of
biological assets at the reporting date.
7 Inventories
Unaudited Unaudited Audited
30 June 30 June 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Finished goods 88 140 687
Work in progress 9,445 7,529 7,638
9,533 7,669 9,325
--------- --------- -----------
8 Loans and borrowings
Unaudited Unaudited Audited
30 June 30 June 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Current liabilities
Bank loans - - -
Other loans 580 - 544
Deep Discount Bonds 5,391 - 5,132
5,971 - 5,676
--------- --------- -----------
Non-current liabilities
Bank loans 8,468 4,638 6,796
Unamortised bank transaction costs (163) - (183)
Other loans - 506 -
Deep Discount Bonds - 4,873 -
--------- --------- -----------
Total loans and borrowings 8,305 10,017 6,613
--------- --------- -----------
Other loans comprise a loan from Franove Holdings Limited to
Gusbourne Estate Limited, an entity controlled by Paul Bentham, a
Non- Executive Director and shareholder of the Company. The loan
was originally due for repayment on 15 August 2021. On 22 July 2021
the Company announced that it had agreed to extend the repayment
date of the debt until 15 October 2021. The loan attracts interest
at 15% per annum, with the loan secured behind PNC at the same
ranking as the existing outstanding deep discount bonds issued by
the Company. Gusbourne Estate Limited has also agreed with Franove
that in the event it seeks to repay its loans (excluding its PNC
facilities) further, the repayment of the Franove Holdings Limited
loan will take priority.
Deep Discount Bonds comprise bonds issued in 2016 amounting to
GBP3,360,000 which attract a discount rate of 9% per annum and
bonds issued in 2020 amounting to GBP2,031,000 which attract a
discount rate of 15% per annum.
On 22 July 2021 the Company announced that it had agreed with
the required majority of the holders of the deep discount bonds to
extend the maturity of the debt from 15 August 2021 until 15
October 2021. The bonds are secured behind PNC at the same ranking
as the existing loan from Franove Holdings Limited.
The amount of bonds held by Lord Ashcroft KCMG PC, the Company's
majority shareholder, as at 30 June 2021 is GBP3,714,000 and the
amount of bonds held by Andrew Weeber, Non-Executive Director and
shareholder of the Company, as at 30 June 2021 is GBP915,000.
On 1 June 2020, Gusbourne announced that its subsidiary
Gusbourne Estate Limited has entered into an agreement with PNC
Business Credit, a trading style of PNC Financial Services UK Ltd,
for up to GBP10.5m of asset-based lending facilities. (the "PNC
Facilities"). The PNC Facilities will primarily be used to provide
working capital for the Group. It was also used to refinance
certain existing loan facilities. The amount of GBP8,468,000 shown
above represents the amount drawn down under the PNC Facilities as
at 30 June 2021.
The PNC Facilities are provided on a revolving basis over a
minimum period of 5 years and allow flexible drawdown and
repayments in line with the Company's working capital requirements.
Interest is currently charged at an annual rate of 2.75 per cent
over the Bank of England Base Rate. The facilities are secured by
way of first priority charges over the Company's inventory,
receivables and freehold property as well as an all assets
debenture.
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END
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