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THE GROUP behind case goods furniture maker and retailer Neville Johnson refinanced during the 2016–17 year in a move that should lower its borrowing costs.

 

Alcuin Capital Partners-backed Neville Johnson and Tom Howley agreed a £15.8 million bank loan, which it was scheduled to use to pay off its existing £6.3 million loan and nearly £8.4 million in loan notes.


Previous year accounts show its P&L was charged 9 percent on the notes, 6 percent payable as they fell due with 3 percent rolled up and added to the outstanding balance.


It was due to make the first repayment on its new bank loan last month, with the company to make quarterly payments of £300,000 with interest linked to LIBOR. That is likely to save the Manchester headquartered group cash through lower annual debt costs.


The group ended April 2017 (balance sheet date) with cash of £6.9 million (2016: £3.6 mill.) after a year in which group revenues reached nearly £51 million (see related).

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