Online security group NCC achieves new £120m revolving credit facilities
NCC Group, the Manchester-based tech business, has agreed a new four-year £120m multi-currency revolving credit facility (RCF), and revealed that it is considering options for its Escode subsidiary.
The RCF deal, provided by a syndicate of National Westminster Bank, HSBC UK Bank, Barclays Bank and Santander UK, also includes a £50m uncommitted accordion option.
The new RCF facility will expire on April 28, 2029.
It replaces the group’s previous £162.5m RCF, which had an expiry date of December 22, 2026.
As of March 31, 2025, the group had net cash of £0.3m following the disposal of Fox Crypto BV for €78.5m.
The new facility is unsecured, with a margin payable above SONIA/SOFR on a ratchet mechanism in the range of 1.35% to 2.35%, depending on the level of the group’s leverage.
NCC was advised by Alvarez & Marsal Europe, Debt Advisory, Manchester office.
Guy Ellis, NCC CFO, said: “We would like to thank NatWest and HSBC for their continued support, and we welcome Barclays and Santander to the syndicate.
“This new facility, combined with our net cash position, continues to give NCC Group flexibility to pursue its strategy in 2025 and beyond.”
The RCF announcement came on the day that Sky News is reporting that private equity firms, Montagu and Bridgepoint, could be interested in bidding for NCC subsidiary, Escode, which specialises in software escrow and verification services.
It is estimated that any deal for Escode could be worth between £300m and £400m.
Escode is not formally up for sale, but it is attracting the attention of several other potential suitors, say insiders.
By mid-afternoon, NCC’s share price was 6.24% higher than the 209.21p per share opening price this morning (April 28).
In response, NCC said it noted the press speculation and said, in a statement to the stock exchange: “The company confirms that it is investigating a number of options for its Escode business including a potential sale, although the process is at a very early stage.
“No proposals have as yet been received, and no decision has been made on whether to proceed with any transaction. The company will keep shareholders updated as and when appropriate.”
