Performance nutrition firm Science in Sport (SiS) has secured a new £8 million (US$9.6 million) invoice financing facility. This has been obtained from the company’s lending bank, HSBC, for an initial one-year term.
SiS announced it was exploring this facility at the time of the recent equity placing on 23 April 2020, in which the group raised gross proceeds of approximately £4.5 million. The debt facility is expected to remain undrawn in the short term and ‘further strengthens the company’s liquidity position.’
Stephen Moon, Science in Sport’s Chief Executive Officer, said “This undrawn £8 million debt facility complements our recent equity fundraising by providing further headroom in our liquidity position should it be required during any future disruption caused by COVID-19.
“It also gives us additional balance sheet flexibility as we continue to deliver our high-growth strategy. The size of the facility at £8 million underlines the strength of our relationship with HSBC and the bank’s confidence in the quality of our business.”
