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.
Partners at the insolvency firm Craig Povey and Kevin Murphy were appointed liquidators on 2 February
Fraser Nicol joins the firm from EY, bringing experience in cyber security, data analytics and business technology
Rowan Williams will be responsible for growing the firm’s presence in the Gatwick Diamond and across the south east
Kevin Humphreys joins the insolvency and restructuring firm from the National Crime Agency (NCA) Economic Crime Command