The UK’s largest pawnbroker, H&T Group PLC (AIM:HAT), told investors it has expanded its credit line with Lloyds Banking Group PLC (LSE:LLOY).
H&T said the deal with Lloyds allows the company to fund further growth in the pledge book along with investment in its store portfolio.
The Lloyds facility increases to £50mln from £35mln, comprising a £45mln revolving credit facility maturing in December 2025 (with an option to extend by two years) plus a £5mln annual overdraft.
It retains the existing interest rate terms, set at 1.7% above the Bank of England base rate, and there has been no change to existing covenants, H&T noted in a stock market statement.