Abbeycrest secures extra funding

LEEDS-based jewellery group Abbeycrest today revealed that it had secured an extra £1m of funding.

The board of Abbeycrest has been in talks with Siam Commercial Bank (SCB), one of the group’s senior lenders.

SCB has approved revisions to the group’s existing facility arrangements. These revisions provide the group with an additional 50 million Thai Baht, around £1m, of funding.

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The board believes that the group has sufficient facilities to trade through its peak working capital funding requirement expected in October 2011.

Simon Ashton, the executive chairman of Abbeycrest, said: “Against a backdrop of continuing challenging conditions, including further recent increases in commodity prices, we welcome the additional support received from SCB.

“The board is also actively exploring the feasibility of other options to reduce the group’s exposure to commodity price fluctuations further still.”

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