HSS Group, the tool hire specialists, have today confirmed the refinancing of the company. Some £245 million worth of credit has been arranged from Nat West and HSBC, at between 2.5% and 3% above LIBOR. To try and put this into context, Carpetright took a short term loan as it sought to reshuffle its finances earlier in the year, paying almost 20% for the privilege. That looks as if it could be a vote of confidence in HSS’s turn around plans.
Admittedly slim pickings today, but this note from British Land looked interesting. It provides an update on its overhaul of the Broadgate estate next to Liverpool Street station, historically the preserve of the financial sector. New tenants include a slew of tech and creative businesses, perhaps showing that the talk of doom and gloom for commercial property post-Brexit was overdone – although is this at the expense of previously cheaper properties now being left vacant further out of the City?
Social care experts Mears Group have issued their pre-close statement today, ahead of half year results on August 14th. Details are light, but the note flags up that the company is bidding for two significant projects. The challenge here is the scale of these pitches means potentially significant downside if the order isn’t won. Needless to say, the company is playing a hugely important role in terms of its social care provisions.