£35.6m
As a result, RGF’s total net debt is expected to reduce from £47.6m (as at 31 March 2021) to £21.2m. It added that the board will be undertaking a ‘thorough’ review of its working capital needs in the coming weeks, which may result in further payments to loan note holders and the pension scheme to further de-risk the balance sheet. The transaction is expected to complete on 11 May 2021.
“We are very pleased with the disposal which crystallises substantial value for the group and enables us to halve our debt burden at a stroke, whilst materially improve the funding of the pension scheme,” said executive chairman Mike Holt.