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Live Company secures additional funding to continue 2020 build programme

The NatWest loan, made the UK government’s backed interruption scheme, will be drawn down in full and repayable in 12 monthly instalments

Live Company Group PLC - Live Company secures additional funding to continue 2020 build programme

Live Company Group PLC (LON:LVCG) said it has secured £250,000 in additional funding through a loan with NatWest to boost its working capital and continue its planned build programme for 2020.

The media firm said the loan, made through the UK government’s backed interruption scheme, will be drawn down in full and repayable in 12 monthly instalments, the first of which is due 13 months after the drawdown.

WATCH: Live Company's David Ciclitira details £500k loan as zoos across Europe prepare to reopen

The company also said that in line with the UK’s job retention scheme, it has extended the furloughing of around half of its full-time workers to the end of June as well as implementing a 50% pay reduction for all staff earning over £2,500 per month.

"I believe that the Loan provides us with additional funding to allow us to emerge from lockdown on the front foot and to continue with our growth strategy”, Live Company executive chairman David Ciclitira said in a statement.

"While the current market conditions, due to [coronavirus] remain difficult, we are starting to see some of the countries in which we operate begin to emerge from lockdown with zoos, for example, in Germany now allowed to reopen and Prague Zoo already open", he added.

The company's shares were steady at 12p in mid-morning trading on Thursday.

--Adds share price--

Quick facts: Live Company Group PLC

Price: 9.5 GBX

AIM:LVCG
Market: AIM
Market Cap: £8.27 m
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