Last checked at 21 May 2020 07:00
21 May 2020 |
SCIENCE IN SPORT PLC
("Company" or "Group")
New Debt Financing Facility
Science in Sport plc (AIM: SIS), the premium performance nutrition company serving elite athletes, sports enthusiasts and the gym lifestyle community, announces that it has secured a new £8 million invoice financing facility from the Company's lending bank, HSBC, for an initial one year term.
The Company announced it was exploring this facility at the time of the recent equity placing on 23 April 2020, in which the Group raised gross proceeds of approximately £4.5 million. The debt facility is expected to remain undrawn in the short term and further strengthens the Company's liquidity position.
Stephen Moon, Science in Sport's Chief Executive Officer, commented:
"This undrawn £8 million debt facility complements our recent equity fundraising by providing further headroom in our liquidity position should it be required during any future disruption caused by COVID-19. It also gives us additional balance sheet flexibility as we continue to deliver our high-growth strategy. The size of the facility at £8 million underlines the strength of our relationship with HSBC and the bank's confidence in the quality of our business."
For further information:
Science in Sport plc Stephen Moon, Chief Executive Officer James Simpson, Chief Financial Officer | +44 (0) 20 7400 3700 |
LiberumNominated adviser and broker Bidhi BhomaJames GreenwoodWill Hall | +44 (0) 20 3100 2000 |
Buchanan CommunicationsFinancial PR Mark CourtVicky HaynsTilly Abraham | +44 (0) 20 7466 5000 ScienceInSport@buchanan.uk.com |
Notes to Editors
About Science in Sport plc
Science in Sport plc is a leading sports nutrition business that develops, manufactures and markets innovative nutrition products for professional athletes, sports and fitness enthusiasts and the gym lifestyle community. The Company has two highly regarded brands: PhD Nutrition, a premium protein brand targeting gym lifestyle and sports enthusiasts, and SiS, a leading brand among elite athletes and professional sports teams.
The two brands are sold internationally through multiple retail channels, both traditional and online, including major supermarkets and high street chains, specialist sports retailers and e-commerce sites including Amazon and the brands' own websites. They enable the Company to address the full breadth of the performance nutrition market currently estimated at approximately £10 billion worldwide.
PhD is one of the UK's leading protein brands with a reputation for high quality and product innovation. The brand has grown rapidly, based on its core protein powders, since launch in 2005. The range now comprises powders, bars, flapjacks, drinks and other products including the high protein, low sugar range, PhD Smart. PhD is the exclusive sports nutrition supplier to David Lloyd Clubs and its brand ambassadors include rapper Bugzy Malone, WBA international champion Jordan Gill and Team GB Olympic sprinter Asha Philip.
SiS, founded in 1992, has a core range comprising gels, powders and bars focused on energy, hydration and endurance. SiS is the official sports nutrition supplier to many professional cycling teams and organisations including Team INEOS, British Cycling, Cycling Australia, USA Cycling and USA Triathlon. SiS supplies more than 80 professional football clubs in the UK and is an official partner to British Triathlon and the Rock 'n' Roll Marathon Series. SiS brand ambassadors include Olympians Sir Chris Hoy MBE, Mark Cavendish MBE and Adam Peaty MBE.
Science in Sport is headquartered in London. Its shares joined the AIM market of the London Stock Exchange in August 2013 and trade under the ticker symbol SIS.
For further information, please visit www.scienceinsport.com