Refinancing of Banking Facilities

• New £90 million four year banking facilities
• Significant interest cost reduction and an increase in flexibility
• Supports acquisition strategy and organic growth

Volution Group plc (“Volution” or the “Group”, LSE: FAN) a leading supplier of ventilation products to the residential construction market, today announces the signing of a new, enlarged £90 million multi-currency revolving credit facility with HSBC, Royal Bank of Scotland and Danske Bank, maturing 30 April 2019.

This new facility is provided under standard Loan Market Association terms and replaces the Group`s existing facilities which were due to expire in February 2018 and February 2019. It significantly reduces Volution’s interest costs and increases the flexibility and headroom of its banking arrangements.

The new facility is provided at a lower interest rate than the facilities being refinanced and covenant testing has been improved. The effective financing cost will reduce by circa. 90 basis points and our gross debt will reduce by approximately £12 million, at the time of refinancing, allowing us to manage our cash and borrowings more efficiently.

Ronnie George, Chief Executive Officer, commented:

“The refinancing strengthens our financial position, helping to underpin the Group’s strategy to grow, both organically and through selective acquisitions. The terms of the new facility reflect the banks’ confidence in the Group’s strategic prospects and credit quality.”

The Company will announce its half-year results for the six months ended 31 January 2015 at 7.00 am (GMT) on 23 March 2015.

Enquiries:
Volution Group plc
Ronnie George, Chief Executive Officer
+44 (0) 1293 441501
Ian Dew, Chief Financial Officer
+44 (0) 1293 441536

Brunswick  
+44 (0) 20 7404 5959
volution@brunswickgroup.com
Craig Breheny
Simone Selzer
Chris Buscombe

Notes to Editors

Volution Group plc (LSE: FAN) is a leading supplier of ventilation products to the residential construction market in the UK, Sweden and Germany.

The Group sold approximately 20 million ventilation products and accessories in the financial year ended 31 July 2014. It consists of five key brands, focused primarily on the UK, Swedish and German ventilation markets - Vent-Axia, Manrose, Fresh, PAX and inVENTer - and operates through two divisions: the Ventilation Group, which principally supplies ventilation products for residential construction applications in the UK, Sweden and Germany and ventilation products for commercial construction applications in the UK; and OEM (Torin-Sifan), which supplies motors, fans and blowers to OEMs of heating and ventilation products for both residential and commercial construction applications in Europe.

For more information, please go to: http://www.volutiongroupplc.com/

Cautionary statement regarding forward-looking statements
 
Certain statements made in this announcement may be forward-looking statements. Such statements are based on current expectations and assumptions and are subject to a number of known and unknown risks and uncertainties that may cause actual events or results to differ materially from any expected future events or results expressed or implied in these forward-looking statements. Persons receiving this announcement should not place undue reliance on forward-looking statements. Unless otherwise required by applicable law, regulation or accounting standard, the Group does not undertake to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.