Unified communications specialists Elite Group has secured a £30 million refinancing deal with Lloyds Bank – and has expansion in mind.
Unified communications specialists Elite Group has secured a £30million refinancing deal with Lloyds Bank – and has expansion in mind.
The Chorley-based provider of bespoke unified communications, cloud and IT services was founded and is still headed by Matt Newing.
He said: “We’ve worked closely with Lloyds Bank for over 10 years so I am pleased that relationship will continue.
“With 16 successful acquisitions under our belt already, we now have a further £30m with which to continue growing through acquisition; and as always we will also continue to grow the business through organic means too.”
Gareth Owen, director of strategic debt finance for Lloyds Bank, said: “Elite Group is an innovative business that has expanded over the past few years.
“This is largely down to the ambition and commitment of the management team, who have continued to drive growth through strategic acquisitions.
“The new finance deal will provide the company with the increased headroom needed to push forward with its expansion plans, without impacting day-to-day cashflow.”
Rob Burbidge, Elite’s CFO, said: “Elite undertook a thorough review of the market and the various funding options.
“ In many ways it was reassuring that the best solution was offered by Lloyds Bank and it meant we were able to convert an agreed offer into a signed agreement within just two weeks.”
Advisors to Elite were:
Debt finance advice: Tom Barnwell and Mark Ward at Clearwater International.
Legal advice: Matt Christmas; Holly Daley and Chloe Abbott at DLA Piper.
Advisors to Lloyds Bank: Financial Due Diligence: Richard Harding and Steven Kingham from EY, Manchester.
Legal advice: Richard Capper at Hill Dickinson.