Real Good Food PLC (LSE:RGD) surged 61% to 1.7p after securing an additional £2.5mln in funding to support its turnaround.
The food manufacturing company said the new funding was provided by Hilco Private Capital for a term of 12 months and supplements its existing £6.3mln facility with Leumi ABL.
"We are delighted that new funding has been secured to support the radical reform of RGF which is intended to reduce costs, protect revenues and preserve the inherent value of the group,” said executive chairman Mike Holt.
“We are confident that the right actions are being put in place to return the business to sustainable profitability and being cash generative.”