Zentra Group (the “Company”) is pleased to announce that it has successfully secured a £1.6 million debt facility, which is secured against the properties at Bank Street, Sheffield, and Lincoln House, Bolton.

As announced on 2 October 2024, the Company has unconditionally exchanged contracts on several transactions, including the sale of the aforementioned properties, with completion scheduled for 29 October 2024. The completion date may be extended or brought forward by mutual agreement between the parties, with a long stop date of 8 November 2024. Proceeds from the debt facility will be attributed to these assets and will form part of the sale schedule.

Further to the refinance of the Company’s existing loan facility, as also announced on 2 October 2024, the Company is pleased to confirm improvements to the terms. These enhancements allow the Company to draw down an additional £1 million for working capital purposes over the next 18 months, if required, to support the Company’s short-term needs whilst property sales are completed.

This increased flexibility, together with the securing of the facilities noted above, underscores the commitment of the Company’s majority shareholder to provide support, ensuring the Company can pursue its strategy effectively.

The Company also expects to announce its annual results before 31 October 2024.

Further updates will be provided in due course.