22 Nov 2017 09:34
22 November 2017
Cambria Automobiles plc
("Cambria" or the "Group")
AIM: CAMB
Renewed Banking Facilities
Cambria, the franchised motor retailer, is pleased to announce that it has successfully refinanced its existing banking arrangements with Lloyds Banking Group.
Cambria entered into revised banking arrangements with Lloyds Banking Group to refinance the existing term loans arranged on 23 November 2015 into one standardised facility that has a five year term, and 15 year capital repayment profile. The refinancing of the Group's existing debt facilities into a new £40.0m, five year Revolving Credit Facility will provide the Group with the flexibility that it requires for the next five years in relation to the property and franchising strategy that it has in place.
Further details on the new banking facilities are available in the Group's Audited Preliminary Results announcement that was released today.
James Mullins, Finance Director of Cambria Automobiles plc, commented:
"We are very pleased to have refinanced and extended our banking facilities and would like to thank Lloyds Banking Group for their continued support. These facilities will provide the Group with the flexibility that it requires for the next five years in relation to the property and franchising strategy that it has in place."
-Ends-
Enquiries:
Cambria Automobiles Mark Lavery, Chief Executive James Mullins, Finance Director www.cambriaautomobilesplc.com
| Tel: 01707 280 851 |
N+1 Singer - Nomad & Joint Broker Alex Price
| Tel: 020 7496 3000 |
Zeus Capital - Joint Broker Dominic King
| Tel: 020 7533 7727 |
FTI Consulting Alex Beagley / James Styles
| Tel: 020 3727 1000 |
About Cambria - www.cambriaautomobilesplc.com
Cambria Automobiles ("Cambria") was established in March 2006 with the aim of creating a balanced independent UK motor retail group through a self-funded "buy and build" strategy, focused on turnaround opportunities.
Working in close cooperation with its manufacturer partners, the Group has built a balanced portfolio of 31 luxury, premium and volume dealerships, representing 46 franchises and 16 brands, with geographical representation spanning from the North West to the South East in Kent. These businesses are autonomous and trade under local brand names, including County Motor Works, Dees, Doves, Grange, Invicta, Motorparks and Pure Triumph.
Cambria's brand portfolio currently comprises Abarth, Alfa Romeo, Aston Martin, Dacia, Ford, Fiat, Honda, Jaguar, Jeep, Land Rover, Mazda, Nissan, Renault, Triumph, Vauxhall and Volvo.
The management's success in turning around under-performing dealerships has allowed Cambria to build a strong balance sheet. As a result, the Group is in a position to acquire valuable premium operations, which are immediately earnings enhancing and directly in line with the Group's strategy to further enhance the brand portfolio.
The Group's medium term ambition is to create a £1 billion turnover business producing attractive returns on capital.