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Westminster Group debt free as it completes loan repayments


Westminster Group PLC (LON:WSG) said that following a placing in December it has redeemed all remaining convertible secured loan notes and convertible unsecured loan stock and has also fully repaid the mezzanine loan facility from RiverFort and YA II.

The AIM-listed firm said there were no conversions of the loan notes and that the repayment of the debts, totalling around GBP2.6mln, will strengthen its balance sheet and also result in an annual saving of around GBP0.3mln in interest and fees, which it said was a “major objective” of the recent GBP5mln placing that was completed on December 22, 2020.

READ: Westminster Group lands GBP750,000 guarding contract

“Following the debt repayment, we now enter 2021 debt-free except for small operating leases, with a greatly strengthened balance sheet and in a much stronger position to deal with the current global uncertainties. We also have the funding in place for delivery of existing and potential near-term new contracts, as described in the Circular dated 3 December 2020”, Westminster chief financial officer Mark Hughes said in a statement.

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