Triumph's owner's debt doubles to £249m
Bloor Holdings breach bank covenants as economic downturn digs in
TRIUMPH MOTORCYCLES supremo, John Bloor, has been forced into renegotiating loans on the property side of his business empire, reports this morning's Daily Telegraph.
Accounts filed at Companies House show Bloor Holdings saw debts more than double in the year to June 30, 2008 from £124m to £249m. The results have been attributed to the current global economic downturn.
The situation triggered a "technical breach of certain bank covenants" forcing Bloor Holdings to agree new facilities with bankers and an "asset-based provider of finance".
Bloor's company added: "The group's trading and cash forecasts, which take into account reasonably possible changes in trading activities, show the group will have adequate resources and facilities following the above refinancing to meet its liabilities in the foreseeable future."
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