Toye & Co gets breathing space on the sale of its property

BIRMINGHAM’S oldest manufacturer, Toye & Co, has renegotiated the disposal agreement in relation to its headquarters at 19-21 Great Queen Street in the Jewellery Quarter.

The manufacturer of military and masonic regalia, medals, badges and related textiles, has agreed with Stability Investments to extend the completion date for the sale of the property from the 28th of this month to January next year.

And the clause in the original agreement that would see the basic sale price of the property increase by £0.5m has been extended to 19 December 2014.

In addition the loan facility agreement agreed with Stability Investments has been increased from £2.5m to £2.75m. The balance of this loan facility not drawn down is £0.75m which will now be drawn down on July 28.

Toye & Co says it intends to use the balance of the loan facility to fund additional capital expenditure requirements and the working capital needs of the business.

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