(Alliance News) - Braime Group PLC on Thursday said it has signed a loan agreement for a total of EUR1.7 million, as it announced that subsidiary 4B France SARL will be relocating.
The metal pressing firm - formerly known as TF & JH Braime Holdings PLC - said industrial equipment supplier 4B France had "outgrown" its current premises in Lamotte-Warfusee and will be relocating to new offices in Villers-Bretonneux, located 6 kilometres away from the current site.
Braime said the land for the new site has already been purchased for EUR98,000 with construction scheduled to start in February and expected to be completed in February 2021. The total cost of the land and buildings is expected to be EUR2.2 million, the company said, stating that the funds will come from existing cash resources and bank facilities.
In a separate statement, Braime said it has taken a EUR1.7 million loan jointly provided by Credit du Nord bank and BPI-France. The loan is repayable over 15 years at an interest rate of 1.3%.
The stock closed 6.6% higher at 1,750.00 pence each on Thursday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Braime Ord (BMTO)