Sanderson completes debt refinancing
COVENTRY based software and IT services business Sanderson Group today announced it has completed the refinancing of its debt and working capital facilities, which it says will save the group around £300,000 a year.
The firm, which supplies and designs software packages for retailers which help them monitor everything from sales to stock levels, also has operations in Yorkshire and the North West.
The group has refinanced its term debt and working capital facilities with HSBC, which has advanced a four year term facility of £7.4m and a £1m working capital facility.
This morning, Sanderson said it continued to experience good trading momentum in its manufacturing and multi-channel businesses, but said the high street retail market is “more challenging”.
“Notwithstanding the nervousness and challenging conditions on the high street, the group has maintained good trading momentum, built a strong order book and full year pre-taxation profits, stated before the charge associated with refinancing referred to above are expected to be in line with current market expectations,” the company said.
“The new banking facilities, which reflect positively on the cash generation and de-leveraging of the business over the last four years, will provide the capacity and flexibility to further improve the group’s competitive position.”
