Moonpig says no material exposure to SVB UK
By Michele Maatouk
Date: Monday 13 Mar 2023
(Sharecast News) - Online greeting card and gift retailer Moonpig said on Monday that it has no material exposure to the UK arm of failed US bank Silicon Valley Bank.
Moonpig said it has no cash on deposit with SVB UK and does not hold a bank account with them.
"SVB UK is one of ten lenders that provide senior debt facilities to the group as part of a strong banking syndicate," it said, adding that the company has significant liquidity headroom.
Utilised and available facilities together total £242m, which are committed until 8 December 2025. This excludes the £13m undrawn portion of SVB UK's commitment.
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