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James Cropper plc announced on June 9, 2025, that it has agreed revised terms with its lenders for its principal UK banking facility, which had £15m drawn at March 31, 2025. The original repayment schedule of 20 quarterly instalments of £750,000 from June 2025 to March 2030 has been amended. Under the revised terms, quarterly repayments are £400,000 for six quarters (June 2025-Sept 2026), £750,000 for four quarters (Dec 2026-Sept 2027), and £960,000 for the remaining ten quarters to March 2030, with interest rates and financial covenants remaining unchanged; the Board also does not intend to pay dividends during the period to September 2026.
| Date | 9 Jun 2025 |
| Time | 07:00:05 |
| Category | Acquisitions and alliances |
| ID | 8931L |
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT CONSTITUTES INSIDE INFORMATION AS STIPULATED UNDER THE UK'S MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, SUCH INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
9 June 2025
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:
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£400,000 per quarter for the six quarters from June 2025 to September 2026 inclusive; |
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£750,000 per quarter for the four quarters from December 2026 to September 2027 inclusive; and |
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£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."
-ENDS-
Enquiries:
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James Cropper plc David Stirling, Chief Executive Officer Andrew Goody, Chief Financial Officer
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Tel: +44(0)1539 722002
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Shore Capital - Nominated Adviser and Broker Daniel Bush, David Coaten, Henry Willcocks, Lucy Bowden
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Tel: +44 (0)207 408 4090
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IFC Advisory - Financial PR Graham Herring, Tim Metcalfe, Zach Cohen
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Tel: +44 (0) 203 934 6630 |
About James Cropper plc
James Cropper plc is globally recognised for its specialist capabilities in the design and manufacture of advanced materials and paper products. Operating through two principal businesses - Advanced Materials and Paper & Packaging - and built upon 180 years of innovation, the Group serves a diverse range of customers with high-performance solutions tailored to specialised applications.
The Advanced Materials business develops cutting-edge nonwoven materials and electrochemical coatings for sectors including aerospace, clean energy, and defence. The Paper & Packaging business offers premium creative papers and bespoke moulded fibre packaging together with leading recycled-fibre capabilities and products, supporting the transition to a circular economy.
Headquartered in Burneside (UK), with additional manufacturing sites in Crewe (UK), Launceston (UK), and Schenectady (USA), James Cropper leverages deep expertise in material science and longstanding partnerships with industry-leading businesses and brands to develop bespoke solutions that meet complex technical and aesthetic specifications.