James Cropper plc
(“James Cropper”, the “Company” or the “Group”)
Revised Terms Agreed for UK Banking Facility
James Cropper (AIM: CRPR), the Advanced Materials and Paper & Packaging group, is pleased to announce that it has agreed revised terms with its lenders in relation to its principal UK banking facility.
Under the original terms of the facility, the principal amount drawn at 31 March 2025 (£15m) was repayable in 20 equal quarterly instalments of £750,000 from June 2025 to March 2030 inclusive. Under the revised terms, such quarterly repayments have been amended to:
- £400,000 per quarter for the six quarters from June 2025 to September 2026 inclusive;
- £750,000 per quarter for the four quarters from December 2026 to September 2027 inclusive; and
- £960,000 per quarter for the remaining ten quarters to March 2030.
The reset enhances the Company’s liquidity headroom to support implementation of the Company’s strategic plans. The interest rate and financial covenants on the facility remain unchanged. The Board does not intend to pay dividends during the period to September 2026.
A further update on strategy is expected to be published on 18 June 2025 in advance of the Company’s Capital Markets Event taking place later the same day.
David Stirling, Chief Executive Officer, commented:
“We are pleased to have secured this agreement with our lenders which provides us with greater financial headroom and look forward to updating investors on our plans for the business on 18 June.”