AIM-listed vertically integrated wealth and investment management group Kingswood confirmed on 7 May it had secured an additional £3.0m debt facility “to support the company’s capital requirements and growth agenda”, further to its earlier announcement on 16 February 2024.
There is a repayment date of earlier of 29 October 2030 or date of an exit or partial exit; and a 12% interest rate, paid at maturity.
The additional facility agreement is with an affiliate of HSQ Investments Ltd, with Lindsey McMurray and Duncan Gerard non-executive directors of the company and employees of Pollen Street Capital Limited, an affiliate of HSQ Investments.
Entering into the agreement constituted a related party transaction under Rule 13 of the AIM Rules for Companies.
The statement further said the directors, after consulting with the nominated adviser Cavendish Capital Market that the terms of the facility agreement were “fair and reasonable insofar as the company’s shareholders are concerned”.
David Lawrence (pictured), Kingswood Group CEO commented: “Kingswood continues to grow, and this Facility Agreement continues to demonstrate our investor’s positive commitment towards building Kingswood into a leading business in the sector.”
