Redhall agrees new £25m debt facilities

ENGINEERING support services firm Redhall today announced it has signed an agreement with HSBC to provide £25m in banking facilities.

The Wakefield-based group said that £20m of the facilities are committed until January 2015 and replace the group’s existing £14m committed facilities which would have expired in April 2012.

The company said that £5m is provided through an overdraft facility.

Redhall said that the cash will be used for general corporate purposes and that the margin and fees payable are “competitive” in the current environment and are broadly comparable to the group’s existing arrangements.

Executive chairman David Jackson said: “We are delighted to enter into this new relationship with HSBC and welcome their commitment to the future growth of Redhall.

“This new four year facility is a testament to the balance sheet strength that we have created over the last five years and provides a platform to take the group to a new level.”