Norman Broadbent plc (LON:NBB) – a leading London listed Professional Services firm offering a diversified portfolio of integrated Leadership Acquisition & Advisory Services – has announced that, in order to strengthen the balance sheet and aid liquidity, the Company has secured a £250,000 six-year term loan facility under the British Business Bank’s Coronavirus Business Interruption Loans Scheme (CBILS) from its bankers, Metro Bank PLC.
The Facility can be drawn down at any point before 16th January 2021 with a 12-month interest-free period following drawdown and an interest rate of 4.75% over Metro Bank Base Rate per annum on the drawn down amount thereafter. The funds are repayable commencing 12 months after drawdown in equal monthly instalments for the remaining five years. There will be no penalty for making early repayment(s) of all or part of the Facility.
Additionally, the Company has agreed a new invoice financing facility with Metro Bank PLC and a further £1,500,000 is now available under this facility in addition to the CBILS loan. As of 31 October 2020, the Company had drawn down approximately £332,000 on its existing invoice financing debt facility which will be replaced by the Metro Bank facility in February 2021.
Mike Brennan, Norman Broadbent plc CEO, said:
“We are pleased with these new funding arrangements which are testament to much hard work by our team over recent years. The new invoice discounting facility will greatly improve liquidity and help fuel further growth. In addition, with – it is said – only 1 in 10 applicants in our sector being approved for CBILS, our securing of this loan says much about the increasing strength of our business and how we are regarded.
These new funding arrangements are particularly important as we seek growth opportunities by way of M&A activity, strategic ‘tuck-ins’ with smaller businesses or teams, and organic growth.”
