NEW CREDIT FACILITIES have been agreed in the "tens of millions of pounds" for Grant Thornton.
The firm, ranked fifth in Accountancy Age's Top 50 + 50 list, has agreed new facilities with its previous bankers Barclays and RBS.
The four and a half-year deal, for a broadly similar amount to its previous facilities, will support the firm's plans for ambitious growth to £500m in revenues by 2015 and to fund acquisitions of specialist businesses to strengthen its core offerings, said national finance director Malcolm Northover.
Competition to supply the unsecured facilities was strong. "We weren't short of people pitching to work with us," said Northover.
The level at which the firm uses its facilities will be revealed when it files its year-end 30 June 2012 accounts towards the end of the year.
Grant Thornton was assisted in its refinancing deal by north-west lawyers Brabners Chaffe street, while the banks were advised by DLA Piper.
Grant Thornton CEO Scott Barnes was appointed for a second term in April.
Do you have editors at AA? If so, did they edit this???
Posted by: Joe Reevy, 03 Jul 2012 | 11:16
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.