RE: Oh oh, loan issues..23 May 2021 08:58
“ Filings at the Isle of Man Companies Registry show that it's one of a portfolio of industrial properties, including another factory in South Wales and locations in Manchester and the West Midlands, which were pledged as security for an £18m loan from Metro Bank.
LSPN's accounts for 2018-19 say that "due to breaches of... covenants and restrictions, Metro bank have called in the [loan] facility and have stipulated that full repayment must be made" by 31 March 2020.
The accounts for the following year confirm that, although that deadline has passed, there are "ongoing discussions" to renegotiate the financing arrangement, and Metro Bank has agreed to "defer any action" for now.”