Scapa seals debt funding facility of up to £60m

TECHNICAL tapes and bonding solutions specialist Scapa Group has boosted its war chest for growth with a new debt funding facility.

The international group headquartered in Ashton-Under-Lyne has secured a committed £40m facility with further access to an additional uncommitted £20m “accordion” facility.

The four-and-half-year revolving credit facility has been provided by a three bank club consisting of long-term funder Lloyds Commercial Banking and new banking partners HSBC and Barclays.

Chief executive Heejae Chae said: ” “This finance facility provides us with further capacity to support the growth of the business, both organically and through acquisition.

“We are well-positioned to increase our global presence in our chosen markets and look to the future with confidence.”