Manchester-based consumer brands giant THG plc has confirmed the extension of its revolving credit facility (RCF) by 17 months to May 2026.

“The £170 million facility remains undrawn since IPO, and there will be no changes to the financial covenants or interest margin beyond the existing maturity date,” said the firm.

“From December 2024, the facility will be £150 million.

“Following the group’s strong profit and cash performance, closing net leverage for FY 2023 was c.1.8x, compared to 2.8x for FY 2022.

“Continued positive momentum into FY 2024 provides confidence of further degearing.

“The extension affords the group continued significant financial flexibility during uncertain geo-political times.

“As at December 2023 the group had c.£600 million of cash and undrawn facilities providing substantial liquidity and flexibility, to capitalise on growth opportunities.”