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.
Law Firms: Squire Patton Boggs;
Clients: On The Beach Group;