MWB Group Reveals Year End Results for 2008 and Extends Loan

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After revealing its full-year financial results last week, MWB Group Holdings Plc has announced that it has extended its loan with Bank of Scotland and RBS by two years.


The company has agreed that ÂŁ348m of its banking facilities are to be extended to December 2011, a loan which covers all areas of the MWB Group compiling Malmaison and Hotel du Vin, MWB Business Exchange and MWB itself. Commenting on the extensions, Richard Balfour-Lynn, MWB’s Chief Executive, said: ‘It is in the Group’s long term interests to extend these facilities, given the current level of illiquidity in the financial markets, and I strongly believe that this confirms the robustness of our business model and the excellent relationship we have with our financing partners.”


The serviced office section of the company, currently the UK’s second largest serviced office operator, reported that revenue for the year had grown by 18% to ÂŁ119m over the previous 12 months and work station occupancy at 31st December 2008 stood at 90%.  Mr Balfour-Lynn commented: “We have a strong cash-generative business with a sound balance sheet and the Board remainspositive about the medium term future for the Company, both in terms of profit and shareholder value.”


Overall the group revealed a pretax loss of £9.9m for 2008 and a fall in property values from £606m in 2007 to £566m for the year-end. Equity attributable to shareholders is down from 254p a share in December 2007 to 174p in December 2008 against a current share price of 42p.


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