Last checked at 28 Apr 2009 07:00
FOR IMMEDIATE RELEASE
28 April 2009
MWB GROUP HOLDINGS PLC:
EXTENSION OF GROUP BANK FACILITIES
MWB Group Holdings Plc ("MWB" or "the Group"), the hotels, serviced offices and retail group, today announces that its banking facilities, totalling approximately £348m, provided by Bank of Scotland and Royal Bank of Scotland have been extended from their current term of 31 December 2009 to 31 December 2011.
These facilities comprise three separate loans to Malmaison and Hotel du Vin, MWB Business Exchange and MWB. As a result, none of the Group's funding facilities are due to expire in the current financial year to December 2009 and the shortest expiry date is the facility provided to Liberty, whose term runs to 30 September 2010.
Commenting on these extensions, Richard Balfour-Lynn, MWB's Chief Executive, said: "It is in the Group's long term interests to extend these facilities, given the current level of illiquidity in the financial markets, and I strongly believe that this confirms the robustness of our business model and the excellent relationship we have with our financing partners."
Ends.
Contact:
Richard Balfour-Lynn, Chief Executive, MWB. Tel: 020 7706 2121
Andrew Blurton, Joint Finance Director, MWB. Tel: 020 7706 2121
Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161