City round up: Boohoo repays loan, founder buys more shares; Begbies acquires; Victorian Plumbing staff share plan
Boohoo has repaid £50m of its £97m term loan agreed as part of its recently announced refinancing.
In a statement to the stock market this morning Dan Finley, boohoo Group Chief Executive Officer, said: “Following the conclusion of the recently announced oversubscribed placing we are today pleased to announce the repayment of £50m of our term loan. The repayment will be made with funds raised from the placing and through the Group’s initiative to reduce stock levels as we become a leaner and lighter business, focused on maximising value for all our shareholders.”
At the end of last week it also emerged that founder Carol Kane bought 294,350 shares of the company’s shares. The shares were bought at an average cost of 34p a share, totalling £100,079.
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Begbies Traynor, the listed Manchester-based insolvency specialist has acquired White Maud a business recovery specialist in Brighton.
The transaction will increase the group’s existing 20 strong team in Brighton through the addition of four experienced team members, including Chris Latos and Tom D’Arcy who will join the practice as partners.
Ric Traynor, Executive Chairman of Begbies Traynor Group plc, commented:
“Chris, Tom and the White Maund team have a great reputation and are well known to our Brighton team and the wider professional community. They have a wealth of experience and knowledge to enable us to enhance the support we can provide to our clients across the region.”
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Bathroom retailer Victorian Plumbing has issued and allotted 1,079,217 new ordinary shares to VG Corporate Trustee Limited, as the trustee of the Victorian Plumbing Group Employee Benefit Trust, as part of the deferred bonus plan for staff and the Long Term Incentive Plan.
