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Snoozebox secures £15.6m finance package after reporting £1.6m loss

30 September 2014 by
Snoozebox secures £15.6m finance package after reporting £1.6m loss

Portable accommodation provider Snoozebox has announced it has agreed terms on a £15.6m finance package after reporting a pre tax loss of £1.6m for the six months to 30 June.

The figures are an improvement on the same period last year, when it reported a pre-tax loss of £4.2m.

Snoozebox achieved room rates ranging from £160 to £330 in the first half of 2014.

It provided accommodation at last week's Ryder Cup at Gleneagles and the Commonwealth Games in Glasgow.

Chairman David Morrison said: "To facilitate the development and introduction of a second generation of Snoozebox units, which will be launched before the end of this year, the Company raised £10m of equity in the spring and that sum has now been supplemented by a lease finance package, announced today, of up to £15.6m.

"While the benefit of the facility will have more of an impact in 2016 than next year, the additional financial muscle of the company will have a notable effect on our ability to capitalise on the strong demand we continue to see.

I am pleased that LorcÁ¡n Á" MurchÁº became chief executive in February 2014 and we have today announced the appointment of a new CFO, Kate Ferguson."

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