Coral Products PLC New Group Banking Facilities (9741S)

TIDMCRU

RNS Number : 9741S

Coral Products PLC

15 March 2023

15 March 2023

Coral Products plc

(the "Group" or "Coral")

New Group banking facilities

Coral Products plc, a specialist in the design, manufacture and supply of plastic products based in Wythenshawe, Manchester, is pleased to announce that it has entered a new improved banking facility with Virgin Money (the "Facility"). The Facility gives the Group a banking facility of GBP10.35 million comprising GBP7.35 million for invoice financing and GBP3 million for trade financing.

In addition, the Group has re-mortgaged the freehold buildings acquired with Film & Foil Solutions Ltd and Alma Products Ltd for a combined GBP2.1 million which after repaying existing mortgages improves the Group's working capital position by circa GBP1.4 million.

The Group has also been pre-approved for up to GBP1.5 million of asset finance to fund future capital projects.

Executive Chairman, Joe Grimmond, said: "I am delighted that Virgin Money has chosen to partner with us in the further development of the Group. Virgin Money has shown great flexibility in providing the improved facilities acknowledging our ambitions for the future growth of our business. Overall, these actions combined will further enhance the financial strength of the Group".

Mark Preston, Corporate Director, Virgin Money Strategic Finance Team (North West England), said: "Coral is an exciting business which has delivered growth and innovation within the markets they operate. With these new banking facilities in place to support their growth ambitions, we are looking forward to working with the management team as they continue their exciting journey".

For more information on Coral, please visit the following website:

www.coralproducts.com

ENQUIRIES :

Coral Products plc

Joe Grimmond, Executive Chairman Tel: [phone]

Nominated Adviser & Broker

Cenkos Securities plc

Adrian Hadden

Charlie Combe Tel: [phone]

Financial PR

Novella

Tim Robertson Tel: [phone]

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCBRGDXLUBDGXS

(END) Dow Jones Newswires

March 15, 2023 03:00 ET (07:00 GMT)