RNS Number : 5667V
Appreciate Group PLC
10 August 2020
10 August 2020
Appreciate Group plc
New GBP15m Revolving Credit Facility agreed
Appreciate Group plc (the 'Group'), the UK's leading
multi-retailer redemption product provider to corporate and
consumer markets, today announces that it has signed a new
revolving credit facility with Santander UK. This was a measure
planned prior to the COVID-19 crisis, and completes the bank
financing exercise commenced in April and announced in the Group's
trading update issued on 30 April 2020.
This new facility provides committed funding of GBP15m for a
five-year term on an unsecured basis, with an accordion option to
extend the facility by a further GBP10m. Prior to this new
facility, the Group had not utilised bank financing.
Tim Clancy, Chief Financial Officer of Appreciate Group,
"We would like to thank Santander for its support and confidence
in the Group's well advanced strategic plan to drive medium and
"This new facility provides Appreciate Group with additional
financial flexibility to deliver our strategy of driving sales of
our higher margin products and investing in accelerating our shift
Andrew Mulliner, Relationship Director, Origination & Client
Coverage, Santander Corporate & Commercial Banking said:
"As consumers increasingly look for new ways to celebrate
special occasions and say thank you remotely, and with growing
demand from corporate customers looking for more creative ways to
engage with both staff and customers, there is a real opportunity
for Appreciate Group to grow. We worked closely with management,
within very tight timescales, to provide this support which is
crucial as the business continues its digital expansion"
Kerry Morley, Director, Strategic Debt Solutions, at Santander
worked alongside Andrew Mulliner on the transaction.
Appreciate Group was provided with financing advice by KPMG Debt
Advisory (Nick Dodd / Meredith Casey) and legal advice by Addleshaw
Goddard (Martin O'Shea / Elizabeth Wareing).
Santander UK was provided with legal advice by Pinsent Masons
(Matt Morgan / Tim Fearn).
For further information please visit
https://www.appreciategroup.co.uk or contact:
Appreciate Group Liberum MHP Communications
plc (NOMAD and broker)
Andy Hammerton, Head Richard Crawley Reg Hoare
of Corporate Affairs Jamie Richards Katie Hunt
Ian O'Doherty, CEO Charles Hirst
Tim Clancy, CFO
Tel: 0151 653 1700 Tel: 020 3100 2222 Tel: 020 3128 8193
The information contained within this announcement is deemed by
Appreciate Group to constitute inside information as stipulated
under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
Notes to Editors:
Appreciate Group is one of the UK's leading gifting, pre-payment
and engagement companies, and experts at creating joyful
experiences and connecting people to the things in life they enjoy
Everything Appreciate Group does is focused on creating more joy
in the world, and it is proud to be trusted to help its customers
create moments they can treasure and remember, whether they are
giving, celebrating or rewarding.
Appreciate Group is a financial services business with a wide
portfolio of brands which provide solutions for its consumer and
business customers. Its consumer-facing brands meet a range of
prepayment and gifting needs, while its business products help
corporate customers reward and recognise their employees and
Appreciate Group is home to many of the country's most-loved
gifting, pre-payment and engagement solutions including Park
Christmas Savings, Highstreetvouchers.com and Love2shop, and we are
fast-becoming the home of digital innovation in gifting.
Whether it's saving towards the perfect family Christmas or
celebrating with gift cards and vouchers, we create and supply
products that millions of people trust when it comes to giving and
receiving with family, friends or colleagues.
Park Christmas Savings: As the UK's largest family Christmas
savings club, Park Christmas Savings has helped over 2.7 million
families budget for Christmas on a short-term or year-round
Love2shop: Love2shop offers gift cards and gift vouchers
available to spend at stores and attractions across the UK. They
are also used through our Love2shop Business Services providing
corporate partners with incentives and rewards for their employees
Select Digital Gift Card: The UK's first fully digital
multi-retailer gift card, available to spend online or in-store
through your mobile wallet.
Appreciate Group plc's shares are traded on AIM, a market
operated by the London Stock Exchange.
The Park Prepayments Protection Trust is designed to increase
protection for customers' prepayments. The Trust has three
directors, two of whom are independent of Appreciate. Details of
the trust are set out here:
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(END) Dow Jones Newswires
August 10, 2020 02:00 ET (06:00 GMT)