Nisa announces refinancing deal

The deal sees Nisa extend its facility by 24 months while also gaining additional funding to support the supply contract for the new My Local business.

A spokesman said: “After recording a £7.2m EBITDA loss in the 2014/15 financial year it was important that Nisa secured ongoing banking facilities for the business. Based on the company’s significantly improved performance under the new management team, Barclays agreed to the extension.

“The renewed facility will allow Nisa to operate its business more efficiently and to plan for future growth,” said Nisa’s chief financial officer, Robin Brown. “After the company’s poor showing last year, the new management team has been keen to drive the business forward into profitable growth and the strength of our financial plan was appreciated by our bank.

The business has secured a number of high value contract wins, including the £1bn five-year contract with the new My Local business and the five year £250m contract extension with Ramsden International. McColl’s strategic move to become more convenience focused has also seen an increase in business for Nisa.

“The last financial year was not a good one, but we put in place robust measures to ensure Nisa would not suffer again this year. It was imperative that we returned the business to profitable growth and that has very much been the focus of the team at the MSC,” said Nick Read, the CEO.