Future says no material exposure to SVB UK

Media group Future said on Monday that it has no material exposure to the UK arm of failed US bank Silicon Valley Bank.

The company said its exposure to SVB UK was immaterial to the group’s liquidity. As at 10 March, cash deposits with SVB accounted for less than 3% of its cash on hand, equivalent to less than £1m, it said.

It noted that SVB also provided £50m of its £900m total debt facilities. Of this £50m, around 48% is currently drawn.

"The group backed by a strong banking syndicate, has access to significant levels of liquidity," Future said.

As at 10 March, it had access to £26m cash on hand and £438m of undrawn committed facilities excluding SVB's undrawn hold.