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Banks agree Grant Thornton refinancing

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.

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