Financial statements
Strategic report
Governance
124 OCU Group Annual report and financial statements 2026
Notes to the consolidated financial statements continued for the year ended 30 April 2026
17. Creditors: amounts falling due within one year
19. Borrowings
2026 £000
2026 £000
2025 £000
2025 £000
56,617
725,781
Trade creditors
46,039
Term loan
633,134
138,570 70,078 37,340 12,577 32,081
4,371
Accruals and other creditors
108,805
Accrued interest
4,304
2,155
Deferred income
46,242
Other borrowings
—
732,307
Other taxation and social security
31,115
637,438
5,101
Hire purchase contracts and finance leases (note 20)
5,252
Amount due for settlement within twelve months
4,304
727,206 732,307
Contingent/deferred consideration
19,578
Amount due for settlement after twelve months
633,134
1,438 2,072 4,234
Preference shares
—
637,438 The term loan of £740.4m is presented net of £14.6m unamortised fees (2025: term loan of £650.3m net of £17.2m unamortised fees). At 30 April 2026, the Group had the following borrowing facilities under the Senior Facilities Agreement: i) Sterling term loans of £130.7m which carry interest at 4.50% above SONIA and euro term loans of €705.0m which carry interest at 3.00% above EURIBOR (adjusted quarterly for any changes in the Group’s leverage covenant). Cross-currency swaps convert the €705.0m term loans into sterling and £365m of the total term loans have been swapped to fixed rate, as detailed in note 21. ii) Delayed draw term loan of £9.3m which was undrawn at 30 April 2026. The facility carries interest at 4.50% above SONIA on the utilised portion, with a rate of 1.00% on amounts undrawn. iii) Revolving credit facility of £150.0m which was undrawn at 30 April 2026. The facility carries interest at 3.00% above SONIA on the utilised portion, with a rate of 1.05% on amounts undrawn. Other borrowings comprise £2.2m (A$4.1m) of working capital facilities which carry interest at 1.78% above BBSY (adjusted quarterly for any changes in the borrowing entities’ leverage covenant).
Put options over non-controlling interests
—
Derivative financial instruments (note 21)
1,484
355,007 258,515 The Group has granted put options to certain non-controlling shareholders that provide the holders with the right to require the Group to acquire their remaining shareholding at a future date. A financial liability is recognised for the present value of the estimated redemption amount payable under the option, which is based on the option period EBITDA performance of the associated group company(s). The liability is subsequently measured in accordance with the Group's accounting policy for financial liabilities. Changes in the carrying value of the liability are recognised within finance costs in the profit and loss account.
18. Creditors: amounts falling due after more than one year
2026 £000
2025 £000
31,302 12,760 20,594
Hire purchase contracts and finance leases (note 20)
13,594
Contingent/deferred consideration (note 27)
771
Preferences shares
—
61,146
Put options over non-controlling interests (note 17)
—
125,802
14,365
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