| Schedule of net finance costs |
| | | | | | | | | 2026 | | 2025 | | 2024 | | | £’000 | | £’000 | | £’000 | Interest payable on bank loans and overdrafts | | (775) | | (1,331) | | (1,247) | Interest payable on secured term loan facility, senior secured notes and revolving facilities | | (35,585) | | (35,730) | | (35,298) | Interest payable on lease liabilities (Note 14) | | (300) | | (638) | | (681) | Amortization of issue costs on secured term loan facility, senior secured notes and revolving facilities | | (2,530) | | (1,938) | | (1,551) | Foreign exchange losses on retranslation of unhedged US dollar borrowings(1) | | (9,963) | | — | | (2,755) | Unwinding of discount relating to registrations | | (18,864) | | (16,712) | | (15,593) | Transfer receivable transactions | | (4,820) | | — | | — | Interest on provisions | | (374) | | — | | — | Hedge ineffectiveness on cash flow hedges | | (4,388) | | — | | — | Fair value movements on derivative financial instruments: | | | | | | | Embedded foreign exchange derivatives | | (58) | | (2,639) | | (6,742) | Total finance costs | | (77,657) | | (58,988) | | (63,867) | Interest receivable on short-term bank deposits | | 2,088 | | 3,350 | | 1,686 | Release of discounts related to transfer receivable transactions | | 5,949 | | — | | — | Foreign exchange gains on retranslation of unhedged US dollar borrowings(2) | | — | | 22,931 | | — | Interest on release of provisions | | — | | 73 | | 26 | Hedge ineffectiveness on cash flow hedges | | — | | 11,400 | | 784 | Total finance income | | 8,037 | | 37,754 | | 2,496 | Net finance costs | | (69,620) | | (21,234) | | (61,371) |
| (1) | Unrealized foreign exchange losses on unhedged USD borrowings due to an unfavorable swing in foreign exchange rates. |
| (2) | Unrealized foreign exchange gains on unhedged USD borrowings due to a favorable swing in foreign exchange rates. |
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