Irish hotel firm the PREM Group has renegotiated a €38 million debt facility with Swedish lender Proventus.
The facility, which was due at the end of August, 2020, has been extended out until 2022.
The PREM Group entered into the facility in 2015.
"A Lot Of Comfort"
Talking to The Sunday Independent, PREM Group chief executive Jim Murphy said, "When we went into [the COVID-19] crisis in March and we were closing down hotels and we sat with our team and prioritised what we needed to do to come through this crisis, top of the list was renegotiating our €38 million debt facility. We needed to make sure we had the support of our funders, and I'm delighted to say we have been successful in renegotiating that debt facility.
"It is a sign of the confidence in our business that they have extended that facility out until 2022. It gives us a lot of comfort that we have the support of our bank."
© 2020 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.
