StockMarketWire.com - UK home shopping and education business Findel has announced an increase in the Express Gifts' securitisation facility from £105m to £130m, supporting the ongoing growth of Express Gifts' business.

There has been no change to the Group's revolving credit facilities and this therefore represents an increase in the total borrowing facilities available to the group.

The increased scale of the securitisation facility will provide a more appropriate source of funds to support future growth in Express Gifts, and will allow the Group's core net debt to reduce at a faster rate.

The group's total debt at the end of December 2013 was £224.3m, a decrease of £19.8m since December 2012, of which core net debt was £119.3m, also £19.8m lower than last year.

Had the increase to the securitisation facility been in place at the end of December (which is a seasonal high-point for the receivables book), core net debt would have been £39.5m lower than last year at £99.6m, although total net debt would not have been affected further. There are no other changes to the Group's debt facilities which all mature in March 2016.

Group finance director Tim Kowalski said: "Express Gifts, our largest business, has delivered strong year-on-year growth throughout our turnaround, underpinning the recovery of the Group. This increase in the securitisation facility provides a more appropriate source of funding for Express Gifts to continue this growth. This change reflects continuing progress in restoring our lenders' confidence in the Group's financial position. We are grateful for the ongoing support from HSBC and our other lenders."




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