Banks agree Grant Thornton refinancing

Banks agree Grant Thornton refinancing

Barclays and RBS remain in place as Grant Thornton organises new credit facilities

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.

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

Professional Services Why Professional Services Firms Should Ditch Folders and Embrace Metadata

2y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

2y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine

Accounting Firms Turn Accounts Payable into a value-engine

1y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021

Making Tax Digital Digital Links: A guide to MTD in 2021

1y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource