On The Beach Group’s £25 Million Revolving Credit Facility and £50 Million Amended Revolving Credit Facility

Squire Patton Boggs advised On The Beach Group plc on the deal.

On The Beach Group plc, one of the UK’s leading online retailers of beach holidays, completed an incremental £25 million revolving credit facility structured under the Coronavirus Large Business Interruption Loan Scheme with Lloyds Bank plc (“Lloyds”), expiring in May 2022; and amendments to its existing £50 million revolving credit facility with Lloyds, which expires in December 2023, giving the Group greater operating flexibility to support incremental investment.

As a result, the Group now has available to it working capital facilities of up to £75 million.

Following the successful completion of the new and amended revolving credit facilities, On The Beach Group plc announced a non-pre-emptive placing of new ordinary shares of 1 penny each, representing up to approximately 19.9% of its existing issued share capital, and raised gross proceeds of approximately £67.3 million.

Squire Patton Boggs advised On The Beach Group with a Financial Services team led by partner Matthew Ingram (Picture), and assisted by associate Bryony Sen.

Involved fees earner: Matthew Ingram – Squire Patton Boggs; Bryony Sen – Squire Patton Boggs;

Law Firms: Squire Patton Boggs;

Clients: On The Beach Group;