ADVEO obtains additional financing / agrees sale to warehouse
| 27 July, 2018
ADVEO has reached an agreement with the banks to obtain an additional €20m loan, that will be available in the next coming days, once usual procedures are concluded.
At the same time, ADVEO has reached an agreement to grant a purchase option of the company warehouse in Tres Cantos (Madrid) for €22m, which would represent a capital gain of €8.4m.
As a consequence of both agreements that solves its liquidity shortage, ADVEO says that the financing offer it received from an investment fund (amounting to €33m) has been rendered ineffective.
The €20m loan from banks will be made effective in the next coming days and will allow ADVEO to have the necessary liquidity to recover its stock levels and its operational activity and to continue implementing the Strategic Plan 2017-2020, the axis of growth in the coming years.
Regarding the sale of the Tres Cantos warehouse for €22m, it is expected to be formalised not later than October 2, 2018.