PTSG signs on the dotted line for £7m funding facility
SPECIALIST equipment and services provider Premier Technical Services Group has signed a £7m funding deal with HSBC.
The deal also includes a £2.5m overdraft, replacing the group’s existing loans, which were due to expire in 2018.
The Castleford business has been busy this year, earlier this month buying up a London cradle installation business for up to £4.0m.
The firm also undertook the first Yorkshire IPO of 2015 and the group, which employs more than 100 people across Yorkshire, reported a 20% increase in its adjusted pre-tax profit for the first half of the year, to £2.35m.
Paul Teasdale, chief executive of PTSG, said: “The new banking facilities strengthen our financial position, extend the Group’s debt maturities and refinance our existing Term Loan of £3m.
“The RCF will help underpin our strategy to generate significant shareholder value through organic growth and complementary acquisitions, whilst the increased overdraft facility from £1.25m to £2.5m gives PTSG greater working capital flexibility, as the business grows.
“We are delighted to continue working with HSBC and the terms of the new facilities reflect the bank’s ongoing confidence in the Group’s strategic prospects and credit quality.”
