23 February 2021
Tricorn Group plc
("Tricorn", the "Company" or the "Group")
Update on USA Payroll Protection Program loan
In its Trading Update on 4 June 2020, Tricorn Group plc (AIM: TCN.L), the AIM listed tube manipulation specialist, announced that it had received a loan as part the USA Payroll Protection Program ("PPP").
This loan, amounting to $0.7m (£0.55m), was made to protect US jobs and, provided the Company used it for employee retention, payroll and other eligible purposes, it could make an application for the PPP loan to be forgiven, thereby converting it into a grant.
The application for forgiveness was made by the Company in December 2020 and the Company is pleased to announce that, according to the lending bank's administration portal, the PPP loan has been fully forgiven.
For further information please contact:
Tricorn Group plc www.tricorn.uk.com
Andrew Moss, Chairman Tel +44 (0)7768 306 701
Michael Stock, Chief Executive/Group Finance Director Tel +44 (0)7894 784 106
Shore Capital Tel +44 (0)20 7408 4080
Notes to Editors:
Tricorn is a value-added manufacturer and specialist manipulator of pipe and tubing assemblies to niche markets worldwide.
Headquartered in Malvern, UK, Tricorn employs around 300 employees and has five manufacturing facilities in China, USA and UK.