StockMarketWire.com - Landscape products group Marshalls said it was poised to source an additional £90m of debt funding from its banking syndicate to help it weather the Covid-19 crisis.

The company said lenders NatWest, Lloyds and HSBC had confirmed their full support for an additional £30m, 12-month revolving credit facility each.

'The discussions held have been positive and, subject to the finalisation of documentation, are now well advanced,' Marchalls said.

'We anticipate the documentation process to be completed by the end of April.'

'These additional facilities comprise £90m in total and will strengthen the group's headroom as we continue to manage the current situation.'

Marshalls said it had temporarily ceased certain operations across its manufacturing network and that it was deferring non-essential capital expenditure.

Its board had agreed to take an immediate 20% pay cut for the duration of the crisis.




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