Daisy given credit by banks

TELECOMS specialist Daisy has announced that it has extended its credit facility by £40m to £115m following the introduction of a fourth bank to its syndicate.
 
The Lancashire-based company said that an initial three-year facility agreed in June last year has been extended with bankers Lloyds, Yorkshire Bank and HSBC all agreeing to increase current limits while Barclays has also joined the syndicate.

Daisy said that the extension would support the group’s continued strategy of acquisition and consolidation of the fragmented business telecoms reseller market.

Daisy Group’s chief financial officer, Anthony Riley, said:  “We are delighted Barclays has joined our existing banking syndicate.

“The increased facility provides funding for further growth and demonstrates the confidence that the participating banks have in our ability to consolidate the fragmented reseller market place.”

Owen Malton, director with Yorkshire Bank Corporate & Structured Finance in Manchester, said: “Daisy has embarked on a successful acquisition strategy. We are delighted to increase our facilities to support its ongoing growth.”