James Fisher completes £20m refinancing

JAMES Fisher & Sons, the Barrow-in-Furness based marine services company, has secured a four-year, £20 million refinancing deal with Yorkshire Bank.

The company, which is listed on the London Stock Exchange, began as a regional shipping business in 1847 and now operates globally providing marine services to sectors such as oil and gas, renewables and nuclear decommissioning. The firm reported profits of £27.1 million on sales of £268 million in the year to December 2010.

Stuart Kilpatrick, group finance director, said: “James Fisher has successfully grown revenue and earnings in the global marine services sector.

“We have been impressed with Yorkshire Bank’s professional manner and commercial approach to completion of this refinancing within the timescale required which helps to support our continued growth and future development.”

The facility was arranged by Yorkshire Bank’s Corporate and Structured Finance team in Manchester, led by director Simon Atkinson.

He said: “James Fisher is a business of great economic and cultural significance to the region and it is a real privilege for Yorkshire Bank to continue to support a market-leading company based in the north west but with global credentials.”