New Revolving Credit Facility agreed for £30m
Gateley, the legal and professional services group, is pleased to announce that it has agreed a new revolving credit facility with Bank of Scotland and HSBC UK.
The facility provides total committed funding of £30m until April 2025, split equally between Bank of Scotland and HSBC UK. It replaces the Group's existing £8m overdraft facilities with Bank of Scotland and HSBC UK with the dual bank club providing increased flexibility to the Group to support future growth and expansion via acquisition. Interest is payable on the loan at a margin of 1.95% above the SONIA reference rate.
Rod Waldie, Gateley Chief Executive Officer, said:
"We are delighted to have agreed this new £30m facility with our long-term supportive banking partners of Bank of Scotland and HSBC UK. The facility will provide us with additional headroom to continue with our stated strategy to grow organically and through acquisitions. We continue to position ourselves to invest in and grow our Platforms to provide an increasing breadth of services to our clients.
The aggregation of complementary legal and consultancy services on our four market-facing Platforms of Corporate, Business Services, People and Property continues to differentiate Gateley, strengthen our appeal to clients and enhance our resilience."
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