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CAMB Cambria Automobiles Plc

82.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Cambria Automobiles Plc LSE:CAMB London Ordinary Share GB00B4R32X65 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 82.50 81.00 84.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Cambria Automobiles Plc Replacement: Renewed Banking Facilities (2487X)

22/11/2017 11:59am

UK Regulatory


Cambria Automobiles (LSE:CAMB)
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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

MSCPGGQAGUPMGGP

(END) Dow Jones Newswires

November 22, 2017 06:59 ET (11:59 GMT)

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