MWB Group Holdings), the hotels, serviced offices and retail group, has announces that Bank of Scotland and Royal Bank of Scotland have extended its banking facilities, totalling approximately £348 mln (EUR 390 mln) from their current term of 31 December 2009 to 31 December 2011.
MWB Group Holdings), the hotels, serviced offices and retail group, has announces that Bank of Scotland and Royal Bank of Scotland have extended its banking facilities, totalling approximately £348 mln (EUR 390 mln) from their current term of 31 December 2009 to 31 December 2011.
The facilities comprise three separate loans to Malmaison and Hotel du Vin, MWB Business Exchange and MWB. As a result of the extension, none of the group's funding facilities are due to expire in the current financial year to December 2009 and the shortest expiry date is the facility provided to Liberty, whose term runs to 30 September 2010.
Commenting on these extensions, Richard Balfour-Lynn, MWB's Chief Executive, said: 'It is in the group's long-term interests to extend these facilities, given the current level of illiquidity in the financial markets, and I strongly believe that this confirms the robustness of our business model and the excellent relationship we have with our financing partners.'
