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be drawn down at financial close planned towards the end of September 2021
immediately before start on site in Newcastle. A working capital bank facility of up to

£500k will be needed on the start of the Centre’s operations.

Full planning approval was granted in March 2021. By the drawdown date, pre-
commencement planning conditions will be met, and the judicial review period
completed. All contracts needed for the full structure of the project to be put in place will
have been completed. In addition, up to 15 year bank debt expected to be no greater than
50% of total costs (£8m) will be in place with conditions precedent met and ready for
drawdown, subject to equity being advanced, If a higher loan to cost ratio can be
achieved, then the equity will be reduced.

Below are summary P&L, cash flow and balance sheet together with an analysis of the
various revenue streams HNL will create. The detailed Centre financial model with
assumptions and numbers forms Appendix 4.

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