BEGBIES TRAYNOR has secured new debt facilities with the chairman hinting that the new deals will kick-start an acquisition trail for the firm.
The firm released four highlights in relation to new banking facilities. It now has a £10m revolving credit facility with HSBC to mature in July 2017 and the same deal and maturity date with Santander. It also has a £10m facility with M&G UK Companies with £5m maturing in April 2020 and £5m maturing in April 2021, as well as a £5m overdraft with HSBC.
These latest debt financing deals will replace the firm’s existing £35m facility which was due to expire in 2014. The £30m credit was previously supplied by HSBC and Yorkshire Bank with a £5m overdraft from HSBC.
Ric Traynor, (pictured) chairman of Begbies Traynor, said: “These new facilities provide the group with an attractive blend of medium and long term financing at competitive rates, reflecting the lenders’ confidence in the group.
“They will underpin the group’s continued focus on maximising performance and growing our cash-generative and profitable business, both organically and through acquisitions.”
Net debt at the firm currently stands at £18.3m. The listed firm said in February that its net debt was within its banking facilities and that third quarter trading was in line with the board’s expectations.
Mather boasts a quarter century of restructuring and insolvency experience gleaned across various roles at Deloitte and Begbies Traynor
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