Full speed ahead for RMS Group following refinancing
YORKSHIRE shipping and storage company RMS Group has completed an £11m refinancing package.
RMS Group, which employs more than 200 people, is to save close to £200,000 a year in interest payments after it partially refinanced £2.4m of its outstanding venture capital loan commitments and consolidated its banking arrangements to make HSBC its sole banking partner.
RMS Group will be using the bank for various other products and services, including Invoice Finance.
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Corporate banking manager Mike Wilson led the HSBC team, based at HSBC’s Corporate Banking Centre in Yorkshire, in arranging the £11m refinance transaction.
Martin Lunt, HSBC regional head of corporate banking for Yorkshire and the North East, said: “This deal is an excellent example of how HSBC can support strong, viable businesses to not only achieve their growth plans but also maintain a close eye on costs, which is particularly important in a challenging economic environment.
“We are delighted to have further strengthened our long-standing relationship with this dynamic and innovative company.”
Headquartered in Goole, East Yorkshire, and with premises in Hull, Grimsby and Immingham, RMS Group specialises in providing shipping, stevedoring and storage warehouse services on a UK-wide scale, handling cargo shipped from a variety of North European and Baltic countries.
The group handles more than 2m tonnes of cargo annually and approximately 20,000 containers.
David Johnson, finance director at RMS Group, said: “As an ambitious and growing business it is important for us to make cost savings where we can to make the most of growth opportunities where they arise.
“Our latest refinance arrangement with HSBC will save us a significant amount of money, helping to put us in a favourable position for the future.”
