LPA inks new banking facilities; makes strong start to financial year
Shares in LPA Group PLC on Monday soared after it announced the successful refinancing of its banking facilities.
The Saffron Walden, Essex-based engineering firm focused on electronic and electro-mechanical components and systems said the new facilities, provided by Arbuthnot Commercial Asset Based Lending Ltd, comprise an up to £8.8 million revolving credit facility secured over property and receivables.
These facilities replace the existing bank loan and overdraft arrangements, which were due to mature in January 2027, and provide additional working capital to support the group’s growth plans, the firm said.
The new agreement runs for a minimum term of three years.
LPA said the increased facilities have been secured at pricing ‘broadly in line’ with the previous arrangements.
Chair Robert Horvath said the refinancing provides ‘sufficient headroom for the group to continue delivering on its growth plans over the coming years.’
In addition, Horvath noted LPA has made a ‘strong start’ to the new financial year.
Shares in LPA jumped 12% to 53.00 pence each in London on Monday.
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