Glendola Leisure’s parent company has obtained additional facilities of £6m from its banking partner, as part of a refinancing arrangement which also sees the extension of its existing £26.7m facility.

Revealed in the group’s full year accounts to 28 March 2020, Glendola said the group had successfully renewed its existing facilities after the year end, with the new £26.7 facility expiring in 2021, and the additional £6m expiring in July 2023.

The directors said that they were pleased with the performances of the businesses in a difficult trading environment, but that the impact of Covid-19 on operations “has been significant and led to a significant impairment of its fixed assets,” it said.

Glendola has streamlined the group structure and transferred a number of its businesses from subsidiary companies to Glendola Leisure (Holdings) Limited. It has also disposed of a number of underperforming assets after the year end, which had a combined operating loss of £887,000. These included its Scotland-based businesses Saltire Taverns and Carlton Hotels UK.

The group said that while the disposal of these sites did not result in any significant sale proceeds, they would improve the operating cashflows going forwards.

The group also said it had taken advantage of the various government support schemes and had been able to agree reduced rent for part of the year ending March 2021.

Its full year accounts revealed that turnover stood at £39.3m, compared to £38.9m in 2019. However EBIDTA was down 53% £3m, from £6.3m in 2019, and posted an loss after tax of £8.2m, compared to a profit of £1.75m in 2019.

Glendola Leisure is a privately owned bar, club and restaurant company, which operates 17 sites in England and Scotland, including Barley Mow in London and Alston Bar & Beef in Glasgow.