Cambria Automobiles Plc Replacement: Renewed Banking Facilities (2487X)
November 22 2017 - 6:59AM
UK Regulatory
TIDMCAMB
RNS Number : 2487X
Cambria Automobiles Plc
22 November 2017
The following announcement replaces the announcement of the same
title released on 22 November 2017 at 09:34 under RNS No 2222X.
The following paragraph replaces the second paragraph from the
original announcement: 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. The debt facilities provide a new GBP40.0m, five year
Revolving Credit Facility with an accordion agreement to extend the
facility by a further GBP20m if the Group choses to. The new
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.
All other details remain unchanged.
The full amended text is shown below.
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. The debt facilities
provide a new GBP40.0m, five year Revolving Credit Facility with an
accordion agreement to extend the facility by a further GBP20m if
the Group choses to. The new 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.
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 Tel: 01707 280 851
Mark Lavery, Chief Executive
James Mullins, Finance Director
www.cambriaautomobilesplc.com
N+1 Singer - Nomad & Joint Broker Tel: 020 7496 3000
Alex Price
Jen Boorer
Zeus Capital - Joint Broker Tel: 020 7533 7727
Dominic King
FTI Consulting Tel: 020 3727 1000
Alex Beagley / James Styles
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 GBP1 billion
turnover business producing attractive returns on capital.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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