Extension of Group Lending Facilities

02 May 2024

Lords, a leading distributor of building materials in the UK, is pleased to announce an extension in relation to the Group’s existing £95 million lending facilities (the ‘Facilities’).

The terms of the Facilities, which consist of a £70 million revolving credit facility (the ‘RCF’) and a £25 million receivables financing facility, were announced by the Company on 6 April 2023 and, pursuant to the extension now entered, the RCF has now been extended from its initial three year term by 12 months such that the RCF will now expire on 5 April 2027.

Shanker Patel, Chief Executive Officer of Lords, said:

"We are delighted to announce the extension of the Company’s lending facilities, which provide support for Lords’ medium term growth ambitions, particularly our M&A strategy, and demonstrate the confidence our lending partners have in the prospects of the Group."


FOR FURTHER ENQUIRIES:

Lords Group Trading plc Via Buchanan
Gary O'Brien, Non-Executive Chairman
Shanker Patel, Chief Executive Officer 		Tel: +44 (0) 20 7466 5000
  
 Cavendish Capital Markets
Nominated Adviser and Joint Broker 		 
Tel: +44 (0) 20 7220 0500
Ben Jeynes / Dan Hodkinson (Corporate Finance)  
Julian Morse / Henry Nicol / Charlie Combe (Sales and ECM)  
  
Berenberg
Joint Broker
Matthew Armitt / Richard Bootle / Detlir Elezi
  		Tel: +44 (0) 20 3207 7800
Buchanan Communications Tel: +44 (0) 20 7466 5000
Henry Harrison-Topham / Steph Whitmore / Abby Gilchrist  [email protected]

 

Notes to editors:

Lords is a specialist distributor of building, plumbing, heating and DIY goods.  The Group principally sells to local tradesmen, small to medium sized plumbing and heating merchants, construction companies and retails directly to the general public.

The Group operates through the following two divisions:


  • Merchanting: supplies building materials and DIY goods through its network of merchant businesses and online platform capabilities.  It operates both in the 'light side' (building materials and timber) and 'heavy side' (civils and landscaping), through 31 locations in the UK.

  • Plumbing and Heating: a specialist distributor in the UK of plumbing and heating products to a UK network of independent merchants, installers and the general public.  The division offers its customers an attractive proposition through a multi-channel offering.  The division operates over 17 locations enabling nationwide next day delivery service.

Lords was established over 35 years ago as a family business with its first retail unit in Gerrards Cross, Buckinghamshire.  Since then, the Group has grown to a business operating from 48 sites.

Lords was admitted to trading on AIM in July 2021 with the ticker LORD.L.  For additional information please visit www.lordsgrouptradingplc.co.uk.