26 May 2020 – repayment of loan

The company has announced that it is to redeem some of its Senior Secured Floating Rate Notes due July 2022 at par.  The company is redeeming £80m of the £210m outstanding and this provides further evidence of the group’s strong cashflow which will clearly be well received by investors.  Following the completion of the transaction next month, the group will save over £4m a year in interest costs and we maintain our recommendation of BUY.