Fly my pretty fly9 Jan 2009 08:35
Got in here on Monday and this is now flying after the announcement..
The Group is pleased to announce that it has agreed committed terms with its existing
relationship lender Lloyds TSB Bank plc, to
replace its existing £40m revolving credit facility due to expire on 31 March 2010, with an
increased and extended £60m revolving credit
facility with unchanged covenants that will mature on 31 December 20102.
With modest net debt at the year end, this new facility provides the Group with sufficient
working capital to complete the restructuring
and recovery commenced in 2006.
Geoff Eaton, Chief Executive of Uniq plc said: "These are undoubtedly extraordinary
economic times. The renewal and improvement of our
banking facilities will enable us to take the tough decisions and implement the actions
necessary to complete the recovery and restructuring
we started in 2006."