TOMORROW’S CLEANING JULY 10 Read our blog -
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BREAKING NEWS
Proventec Group reaches capital restructuring agreement in principle
Further to recent announcements regarding the capital restructuring of Proventec Plc, Thomas Stücken, Chief Commercial Officer, has announced that the company has now reached an agreement in principle for a comprehensive capital restructuring with the representatives of the loan notes. The highlights of the agreement are that the prior debt will largely be converted into equity and there will be a cash injection of £2.5 million.
Proventec Plc is the group parent of cleaning industry leading brand names Contico, OspreyDeepclean, Frank, and Proventec Healthcare, as well as a small number of other specialist non-cleaning industry companies.
Thomas Stücken, Chief Commercial Officer,
further states that “the new development in fact will create a near debt free company with a clean balance sheet and demonstrates the support of the financial market in Proventec Plc and provides a platform from which to continue the growth of the company. This will enable the business to leverage its unique proposition as leading provider of integrated hygiene systems to the UK and indeed the global markets.”
It is likely that the restructuring will require the approval of shareholders and it is the intention of the Board that, if so required, an appropriate circular to shareholders calling a general meeting of the Company, and setting out any necessary resolutions for shareholder approval
It was all yellow...
I had the pleasure of being invited the Kärcher’s latest open day, which showcased their change from the synonymous yellow to the new, and admittedly sexier, anthracite.
The main reason for the change was to ensure that any Kärcher machines blended in with their surroundings in a more attractive way – a positive for any contract cleaners working in environments that require discreet cleaning, such as hotels or offices.
While I was there I had the opportunity to have a look at the latest machines and even test a few out. Have a look at our video coverage purely for a giggle at me trying to navigate the fantastic machines!
www.karcher.co.uk
together with a more detailed explanation of the background to the proposals and the terms agreed, will be sent out as soon as possible.
The healthcare division of the group recently received a Framework Agreement from the NHS Supply Chain for cleaning brushes, mops, buckets and associated products, valued at £4M. This follows another recent tender award from the Scottish NHS.
The company already supplies steam decontamination equipment to both the English and Scottish Health Services.
www.proventecplc.com
6 | TOMORROW’S CLEANING | The future of our cleaning industry NEWSFLASH
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