Norman Broadbent PLC - London-based recruitment and professional services firm - Secures GBP250,000 six-year term loan facility under the British Business Bank's Coronavirus Business Interruption Loans Scheme from its bankers, Metro Bank PLC. Says facility can be drawn down at any point before January 16, 2021 with 12-month interest-free period following drawdown and thereafter an interest rate of 4.75% over Metro Bank base rate per annum.
Additionally, agrees new invoice financing facility with Metro Bank and a further GBP1.5 million is now available under this facility in addition to the CBILS loan.
"We are pleased with these new funding arrangements which are testament to much hard work by our team over recent years. The new invoice discounting facility will greatly improve liquidity and help fuel further growth," says Chief Executive Mike Brennan.
Current stock price: 4.6 pence
Year-to-date change: down 37%
By Lucy Heming;Â lucyheming@alliancenews.com
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Norman Broadb (NBB)