NMCN rescue deal sees contractor hand controlling stake to white knight investor

By Dave Rogers2021-06-21T06:25:00

Civils specialist now expected to announce 2020 results in next few days

Struggling civils firm NMCN has struck a refinancing deal worth up to £29m which will see it hand a controlling stake to a three-year-old business that specialises in rescuing stricken firms.

The listed contractor, which had previously warned on the consequences of not getting a refinancing deal signed off, said this morning’s news meant it was raising up to £29m in new equity with a new banking facility of up to £8.5m from current lender Lloyds.

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