James Fisher lines up £30m refinancing

MARINE services firm James Fisher & Sons has agreed a £30m refinancing with Lloyds Bank Commercial Banking.

The bank said the deal represented “a significant uplift” on the firm’s previous debt facilities.

The Barrow-headquartered business plans to use the cash to increase its presence in emerging markets.

In the past five years it has nearly doubled revenues from overseas trade to 65% of all sales, with strong growth in the Asia-Pacific region.

James Fisher provides a range of marine and technical engineering support across a number of sectors, including offshore oil.

The facility has been provided by Lloyds Bank’s Manchester-based team, using funding from the Government-backed Funding for Lending Scheme (FLS), which enables businesses to take advantage of reduced borrowing costs.

Bill Marshall, group treasurer at James Fisher & Sons, said: “The Manchester-based team at Lloyds proved to us that they were committed to developing the relationship and helping us grow.

“They demonstrated real confidence in our plans for the future by quickly approving terms for a flexible package greater than our original intended need, and this puts us in a considerable position of strength as we pursue our strategy.”