Findel increases funding for Express Gifts business
In a statement issued today, Findel said that Express Gifts' securitisation facility had been increased from £105 million to £130 million. The extra funding will be used to support future growth in Express Gifts and will allow Findel’s core net debt to reduce at a faster rate.
The group's total debt at the end of December 2013 was £224.3 million, a decrease of £19.8 million on the previous year, of which core net debt was £119.3 million, also £19.8 million lower than last year.
Tim Kowalski, Findel group finance director, said: "Express Gifts, our largest business, has delivered strong year-on-year growth throughout our turnaround, underpinning the recovery of the group. This increase in the securitisation facility provides a more appropriate source of funding for Express Gifts to continue this growth. This change reflects continuing progress in restoring our lenders' confidence in the group's financial position. We are grateful for the ongoing support from HSBC and our other lenders."
The group said had the increase to the securitisation facility been in place at the end of December, core net debt would have been £39.5 million lower than last year at £99.6 million, although total net debt would not have been affected further.
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