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.
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.