Last checked at 26 Mar 2021 07:00
26 March 2021
FireAngel Safety Technology Group plc
('FireAngel', the 'Group' or the 'Company')
CBILS loan application update
Further to its announcement of 25 January 2021, FireAngel (AIM: FA.), one of Europe's leading developers and suppliers of home safety products, announces that it has secured additional bank funding under UK Government backed Coronavirus loan schemes.
On 22 June 2020, the Group announced that it had secured funding of £3.2 million through the Coronavirus Large Business Interruption Loan Scheme ('CLBILS') from its existing bank, HSBC UK (the "Existing Loan"). This loan supported the Group through the first lockdown and, in 4Q 2020, the Group began to engage HSBC UK for further support to meet the challenges of subsequent and rolling lockdowns.
As previously announced, the Group's revenue for the year ended 31 December 2020 is expected to be approximately £39.9 million. As the Group's revenue is now below £45.0 million, the Existing Loan (which will reduce to £2.0 million at the end of March 2021) has been refinanced under the Coronavirus Business Interruption Loan Scheme ("CBILS") with HSBC UK. The new loan of, in aggregate, £3.7 million ("New Loan") comprises a CBILS loan of £3.2 million and an additional Receivables Finance CBILS of £0.5 million. The New Loan, which will be used to pay off the balance of the Existing Loan, has a term of 6 years with the first year being free of interest and capital repayments and an interest rate thereafter of 3.99 per cent. over the Bank of England's base rate.
The timing of securing the New Loan has impacted completion of the audit of the Company's results for the year ended 31 December 2020 (the "Year"). As a result, the Company expects to release its audited final results for the Year during April 2021 instead of in late March 2021 as previously notified. A further announcement will be made in due course.
John Conoley, Executive Chairman of FireAngel, commented: "Whilst this process of stabilising the nature of Government support has taken longer than anticipated, the supportive stance of our bank over recent months has enabled the Group's return to growth in 4Q 2020, which has continued in 1Q 2021. Whilst our Scottish and EU markets are still subject to various restrictions, conditions are improving across all our markets, and this CBILS support underpins our ability to respond."
For further information, please contact:
FireAngel Safety Technology Group plc | 024 7771 7700 |
John Conoley, Executive Chairman |
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Jon Kempster, Interim Chief Finance Officer |
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Shore Capital (Nominated adviser and broker) | 020 7408 4050 |
Tom Griffiths/David Coaten |
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Houston (Financial PR) | 0204 529 0549 |
Kate Hoare/Laura Stewart |
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Notes to Editors
About FireAngel Safety Technology Group plc
FireAngel's mission is to protect and save lives by making innovative, leading-edge home safety products which are simple and accessible. FireAngel is one of the market leaders in the European home safety products market.
FireAngel's principal products are connected smoke alarms, CO alarms, heat alarms and accessories. The Company has an extensive portfolio of patented intellectual property in Europe, the US and other selected territories. Products are sold under FireAngel's leading brands of FireAngel, FireAngel Pro, FireAngel Specification and AngelEye.
For further product information, please visit: www.fireangeltech.com