Further consolidation of the mid-tier became more likely today, after accountancy 'integrator' Numerica, led by Tony Sarin, announced it had boosted its acquisition war chest by signing a £20m debt facility with Barclays Bank.
Numerica, headed by Levy Gee, revealed last October it intended to secure a £16m facility, but was delighted to have sealed a larger figure, as evidence of the ‘faith shown by investors.’
However, it warned about gaining the wrong gearing, and so it is unlikely the figure will pushed up higher in the near future.
The firm is currently sitting on approximately £10m of its initial £30m floatation purse, while further funds could be raised by issuing more shares.
Peter Jenkins, Numerica group finance director, told AccountancyAge.com: ‘We believe we have the right model, the business is going well and our investors can see that and that is why we have been able to gain this war-chest. We hope to be announcing further acquisitions before our year-end at the close of March.’
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