Acquisitive group signs £20m funding package
West Yorkshire services group PTSG has signed on the dotted line for a £12m revolving credit facility and an £8m overdraft facility, providing “headroom” to continue to grow through acquisitions.
It is expanding its facilities with HSBC, doubling its overdraft facility and credit facility by £2m.
Castleford-based PTSG has been following an aggressive acquisition strategy, just last week acquiring a lightning protection specialist, Brooke Edgley, for £14m.
The company reported a 50% increase in revenues in their latest accounts, to £39.2m for the year to December 2016, and during the year it successfully integrated two new businesses, Dry Risers UK and Nimbus Lighting.
John Foley, chairman of PTSG, said: “The acquisition of Brooke Edgley (Industrial Chimneys) Ltd which was announced on 4 July 2017 involved an initial cash consideration of £14m which was entirely financed from the proceeds of a £15m placing of new ordinary shares to investors.
“However, this acquisition substantially increases the scale of the Group and so we are pleased to announce increased facilities with HSBC who have been the Group’s bankers since our formation in 2007.
“These facilities provide us with sufficient levels of headroom to continue to grow both organically and through carefully selected acquisitions.”