Specialist services provider PTSG has secured a £9.5m-worth of banking facilities with HSBC.
The deal includes a revolving credit facility (RCF) of £7m and a £2.5m overdraft, which will back the firm’s organic growth and support future acquisitions.
PTSG said the RCF, which will expire in September 2020, replaces an existing term loan that was due to expire in 2018.
Both facilities have been secured at lower interest rates than those they replaced, PTSG said.
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 ourstrategy 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.”