Ten Entertainment, the UK chain of FECs, has secured a £14m government sponsored loan and amendments to its existing £25m revolving credit facility to help it through the pandemic.
The deal was completed on January 20.
The company was advised by top law firm BDB Pitmans in the arrangement to help its 46 FECs stay in business. The loan has helped strengthen the group’s liquidity and assure sufficient funding to restart once the lockdown is eased.
BDB Pitmans had worked previously with TEG to raise capital for the consolidation and growth objectives of TEG and advised the group on its listing to the Premium Segment of the London Stock Exchange’s Main Market in 2017.
Corporate partner at BDB Pitmans, Robert Chidley, said: “Our strong relationship with TEG meant that we were able to work together effectively to successfully complete this transaction in a tight timescale. We hope to assist the group further when lockdown eases to solidify its position as a leading UK leisure operator.”
