Pittards restructures finance facilities
Somerset-based leather manufacturer Pittards has released a statement regarding the restructuring of its financial facilities.
The statement reads:
In March 2023 the Company announced a fundraise, that was approved by shareholders at a general meeting held on 11 April 2023, to enable the Company to manage its working capital until at least the end of May 2023, during which time it expected to agree new bank facilities with either Lloyds Bank (its existing lender) or an alternative provider. In addition, it was indicated that, depending on the size and structure of the new facilities further equity and/or debt may also be required to provide some funding for growth and fully return the Company's creditors to a normal profile. The Directors estimated that this additional requirement could have been up to £3 million.
