Zinc Media Group (LSE:ZIN) has signed terms with Lloyds Bank for a £3.0 million revolving credit facility with a three-year term and an option, subject to lender approval, to increase the facility by a further £2.0 million.
The facility is intended to strengthen the group's balance sheet and provide flexibility to support its growth strategy and short-term working capital needs, the award-winning television, brand and audio production group said.
Since the group's last update on 21 May it has secured a further £1.0 million of new business, including the recommission of BBC One's Sunday Morning Live for its 17th season.
“This RCF and the returning series recommission demonstrate Zinc's forward momentum, and having access to a flexible facility will enable us to manage our working capital in step with our ambitious growth plans,” said Laura McGaughey, CFO.
