Debt Overview

We have long-term fixed rate borrowings, with additional flexibility provided through a shorter term revolving credit facility.

As at 30 September 2024, our overall debt structure can be summarised as follows:-

• Total drawn debt of £210.4 million
• Net gearing 25%
• Average debt maturity of 7.2 years
• Weighted average interest rate of 3.7% (100% fixed)
• £50 million undrawn revolving credit facility

The Group has a loan with Canada Life Limited for £129 million, which is fully drawn. The loan expires in July 2031 and interest is fixed at 3.25% over the life of the loan.

Additionally, the Group has a term loan facility agreement with Aviva Commercial Finance Limited for £95.3 million, which was fully drawn in July 2012. The loan matures in July 2032, with approximately one third repayable over the life of the loan in accordance with a scheduled amortisation profile. Interest on the loan is fixed at 4.38% over the life of the loan.

The Group has an undrawn revolving credit facility which provides access to £50 million of committed funds until May 2025. Interest is charged at 150 basis points over SONIA.

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