Haydale logoHaydale has announced that it has secured £1 million of new working capital for the Group through a combination a new £750,000 16-month loan facility from the Development Bank of Wales (DBW) and the issue of £250,000 of new equity via a subscription with the Company.

The Company is to enter into a new secured working capital loan from the DBW of £750,000 which is to be repaid monthly on or before April 2020. The Loan is expected to be drawn down in January and will be used by the Group for general working capital purposes. The Company has also raised £250,000 through the issue shares.

David Banks Executive Chairman at Haydale, commented: "We are delighted to have entered into this facility with the Development Bank of Wales who undertook extensive due diligence on the Group before agreeing to provide us with their support. I’m also extremely pleased to welcome our new equity investor to the Company at this time to provide additional financial resource as we enter 2019".

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