11.12.2013

Speedy gains bank waivers

UK rental company Speedy has received waivers from its funders following its breach of loan terms and conditions.

The situation was caused by irregularities in its International Division revealed/discovered by the arrival of Andy Wright to take over the division. The full statement from Speedy is as follows:

“On 28 November 2013, the Company announced that, following management changes within its International Division, information had very recently emerged indicating the mis-statement of a number of accounting balances within the International Division over recent accounting periods. The Company announced that whilst it remained in compliance with the financial covenants under the Group's banking facilities, these circumstances had resulted in a breach of certain other terms."

“Following constructive discussions with its lenders, the Company has now received waivers in respect of the breach of those terms and continues to be in compliance with the financial covenants under its banking facilities.”