StockMarketWire.com - Event solutions business Arena Events said it had secured funding of £15.6 million through the UK government's coronavirus lending programme.

As part of securing the additional three-year lending facility, Arena had agreed to cancel its unused £4.75 million HSBC overdraft facility, which was put in place in March 2020.

'We anticipate that revenues from major sporting and other live events will therefore remain significantly below normal until the summer of next year,' the company said.

'[T]his additional funding, coupled with securing non-event revenues ... will enable the group to continue to trade through during these extraordinarily difficult times' it added.

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