£37.5m refinancing deal secured for publishing group
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Bingley-based Emerald Group has secured a £37.5m financing package with Barclays and HSBC UK.
Thanks to the deal, the Group says it is in a strong position to build for the future with plans to continue its investment in its technology infrastructure across both Emerald Publishing and Emerald Works to remain abreast of changing market demands and customer needs.
Emerald Works, its corporate learning business, will also invest in its technology infrastructure whilst setting its sights on expanding its international presence in the US.
Over the past year the Group has moved to a remote operating model.
It employs around 400 people worldwide and has diversified from its traditional business model of publishing academic journals and books, to being a provider of research and learning resources.
Simon Cox, group finance and people director at the business, said: “Emerald is in a strong position, despite the effects we have felt and continue to feel from the COVID-19 pandemic.
“We’re delighted to have agreed a second financing package with Barclays and HSBC UK, and we see it as a vote of confidence in the robustness of our business.
“This package enables us to remain resilient as we navigate the economic turbulence and supports us in our ambitious growth plans to accelerate our products and services in both our academic and corporate learning markets.”
The financing package is the second deal the Group has secured in the past five years after maintaining strong relationships with both lenders.
Carl Lockett, Barclays relationship director, said: “Simon and his team really impressed me with their slick and efficient operations and their ambitious growth plans.
“The business has shown strong and consistent growth over many years and continues to invest in the future alongside playing a pivotal role in the local economy, we are thrilled to be supporting them yet again.”
Andy Howard, relationship director at HSBC UK, added: “We’re pleased to support the Emerald Group, as they invest in technology infrastructure and continue to provide support to their employees through the challenges of Covid-19 with resilience and a passion for the industry.
“This deal will back the organisation as it continues to develop and grow as a business.”
Emerald Group was advised by Sarah Day and Charlotte Woodfield of law firm DLA Piper and Anil Gupta and Henry Pearson of Deloitte. Barclays and HSBC UK were advised by Matthew Clayton Stead and Yasmin Tivey of Pinsent Masons.
Emerald Group, founded in 1967, now has a presence in 130 countries worldwide.