- Home safety product developer FireAngel Safety Technology said it had secured a £3.2m loan from HSBC via the UK government's Coronavirus Large Business Interruption Loan Scheme.

The loan had an annual interest rate of 2.66% over Libor, with £0.9m repayable in instalments during the remainder of this year and £2.3m in instalments in 2021.

FireAngel Safety Technology said its strong sales performance in early 2020 necessitated purchase commitments to meet an expected trajectory of future sales.

A subsequent reduction in sales due to Covid-19 had pushed up stock levels and a consequent reduction in funding was available through an invoice discounting facility with HSBC.

'Securing the CLBILS loan, together with the net proceeds of its recent equity fundraising, will strengthen the company's ability to work constructively with its suppliers through the challenges of shaping procurement demand with the right level of confidence despite the disruption caused by Covid-19,' the company said.

At 1:53pm: [LON:FA.] Fireangel Safety Technology Group Plc Ord 2p share price was 0p at 13.5p

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