WYG unveils £25m funding package
PROJECT management and consultancy firm WYG has signed a £25m facility with HSBC.
The multicurrency revolving credit facility replaces WYG’s existing trade finance facility with Santander Bank, and extends committed facilities to WYG for five years.
This follows the firm’s results, announced last month, which showed the firm in a “robust” position, despite a slight dip in pretax profits from £1.78m last year to £1.56m.
The Leeds-based firm reported revenues of £129m compared to £127m for the year ending 31 March 2015.
Strong pipelines including a £400m major pipeline across Africa as well as significant increases in UK and European budgets to support major programmes boosted the firm.
Paul Hamer, chief executive officer, WYG said:”We are delighted to have secured this new facility with HSBC which not only provides WYG with additional working capital headroom but, more importantly, can be used as a catalyst to accelerate growth, both organic and acquisitive.”
Wayne Shadlock, relationship director, HSBC said: “We have a strong appetite to support ambitious businesses, and WYG is an international business looking to grow. We are pleased they have chosen us to be part of this exciting period, helping them take forward their growth plans.”
HSBC was advised by Addleshaw Goddard’s banking team, led by David Handy.
