Oval completes £43m refinancing plan to support growth

THE Oval group has announced a £43m refinance package to support its growth plans.

Barclays has acted as the lead mandated arranger, providing a £20m term loan and £3m overdraft facility for the insurance broker. Lloyds is providing the remaining share.

The deal for the Wakefield-based group is structured over a four year-period to support the business’s medium-term growth plans.

Oval has 24 offices managed by 8 regional hubs and approximately 1,200 employees. It has been in Yorkshire since 1960.

Finance director, Ian Story, said: “Having just finished a very successful year, we are pleased to start the current one by securing this new facility.

“Barclays and Lloyds have supported Oval for many years and we look forward to their continuing involvement for many more to come.

“We believe that this refinancing is an endorsement of our strategy and confirmation of the strength of our company.”

Ben Andrews, relationship director at Barclays Corporate Banking in Leeds said: “Oval has proven resilient through the cycle and Barclays support has been very much based on our belief in the quality of the management team and the close relationship we have enjoyed over the years.

“We look forward to continuing our longstanding relationship with Oval and supporting the company’s growth in the years ahead.”