Mar City PLC £40m Revolving Loan Facility with HSBC (9560N)

TIDMMAR

RNS Number : 9560N

Mar City PLC

01 August 2014

MAR CITY PLC

('Mar City', 'the Group' or 'the Company')

New debt facility

Mar City (AIM: MAR.L), the London and Midlands housebuilder, announces the signing of a five year GBP40m Revolving Loan Facility with HSBC Bank Plc.

Mar City is delighted to report that following the transformational equity raise completed in December 2013 and the excellent progress made in the first half of this year, it has today signed a five year GBP40m Revolving Loan Facility with HSBC Bank PLC.

This new debt facility will enable the Group to continue executing its strategy of delivering high quality new homes in its core geographies of the Midlands, London and the South East and generate further significant growth.

Additionally, the new facility will enable the Group to deliver its target to build a 3 to 5 year land bank. Mar City continues to review a range of strong opportunities which meet its minimum margin intake requirements and will continue to add to its land bank during the second half of the year and expects to achieve its target of securing at least 3,000 plots by the end of the year.

Commenting, Tony Ryan, Chief Executive of Mar City, said:

"We are absolutely delighted to have secured the ongoing support of HSBC and to have signed this significant credit facility. This will enable us to continue to deliver the significant growth we have planned, to further develop our new modular construction technology and to deliver our target of securing at least 3,000 plots by the end of the year."

Ends

 
 Enquiries: 
 
 Mar City PLC                      www.marcityplc.com   www.marcityhomes.com 
 Tony Ryan, Chief Executive                             +44 (0) 20 7408 1102 
 Marcus Jones, Finance Director 
 
 Shore Capital, Nomad and Joint 
  Broker 
 Pascal Keane / Jamie Cameron                            +44 (0)20 7408 4090 
 
 Gable Communications                        marcity@gablecommunications.com 
  John Bick / Justine James                             +44 (0) 20 7193 7463 
                                                        +44 (0) 7872 061 007

This information is provided by RNS

The company news service from the London Stock Exchange

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