Evolve Partnership Ltd, which operates the easyproperty brand, has published its accounts for the year ending October 2021.

With £224,460 falling due to creditors within one year, the company had total assets less current liabilities of £166,159.

Net liabilities were £927,898, with £1,094,057 due to creditors after more than one year.

A note to the accounts states:

On 1 April 2021, the company entered into a Convertible Loan Agreement with a number of parties, being a combination of existing shareholders and unconnected lenders. A total loan of £800,660 was made to the company, settled in cash on the date stated. The key terms of the loan are: (i) repayable in full either three years after the date of the loan agreement or via a conversion event (being a further fund raise under specified criteria) if earlier; and (ii) interest at 8% pa on a non-compounded basis.

The immediate effect of the agreement was to improve the Net Current Asset of the company by £800,660, hence significantly improving the immediate liquidity of the company.

At the time EYE reported the easyproperty fund raising round.

easyJet founder Stelios Haji-Ioannou invests in easyProperty