Safestay PLC New Loan Agreement (5962L)
April 29 2015 - 2:01AM
UK Regulatory
TIDMSSTY
RNS Number : 5962L
Safestay PLC
29 April 2015
Safestay PLC
("Safestay" or "the Company")
New Loan Agreement
Safestay (AIM: SSTY), the owner and operator of a luxury hostel
brand, is pleased to announce that it has signed a GBP1.0 million
loan facility with Coutts & Co (the "Loan"). The purpose of the
Loan is to settle GBP1.024 million of loan notes which were issued
to part finance the acquisition of the Group's York hostel and are
due for repayment by 23 May 2015.
The Loan which is secured against the Group's York hostel is
repayable over 5 years and interest is charged at LIBOR plus
3.25%.
For further information:
Safestay
Larry Lipman, Chairman Tel: 020 8815 1600
Colin Stone, Finance Director
Westhouse Securities (Nomad and Broker)
Tom Griffiths Tel: 020 7601 6100
David Coaten
Novella
Tim Robertson Tel: 020 3151 7008
Ben Heath
About Safestay:
-- Safestay is a new brand of luxury hostel, designed to appeal
to a broad range of guests. Known as a "boutique hostel" within the
travel industry, it is aimed at providing safe, stylish
accommodation which offers a more attractive alternative to both
traditional hostels and budget hotel accommodation.
-- Established in April 2011 as a joint venture between the
Moorfield Funds and the Safeland Group, the Company then listed on
AIM in May 2014, to widen the shareholder base and raise new equity
to support the European roll-out of the Safestay brand.
-- Today, the Group operates from three sites 2 in London and 1
in York and once refurbishments are complete will have c.1000
beds.
-- The Group wishes to expand the business by the acquisition
and development of further properties and create a branded hostel
group known for providing safe and stylish, but relatively
inexpensive accommodation.
-- The current hostel market is undergoing substantial change,
after years of little of no investment, the concept of staying in
clean, safe, stylish rooms for less than GBP25 per night has gained
momentum and there is, in the opinion of the Directors, the
potential for significant growth and sector consolidation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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