Proactis secures extra HSBC capital

Proactis' customers include Grant Thornton, Marshalls, Air France, Chelsea FC and Savills | other

Software firm Proactis has secured an additional £3m in short term capital after a reset of its banking facility with HSBC, reflecting the company's "much improved" financial position and growth strategy.

The Wetherby-based firm, whose customers include Grant Thornton, Marshalls, Air France, Chelsea FC and Savills, said its recent progress has created a solid commercial and operational platform for the group to realise its market potential.

Tim Sykes, CEO of Proactis, said: "We appreciate the continued support of our long-term partner, HSBC UK, and look forward to strengthening our relationship further.

"The reset of the basis of our facilities with HSBC UK is a fundamental foundation for the group's mid-term business plan and it gives us great confidence that this business is fully funded to deliver our current growth plan for the foreseeable future."

Adam Kelly, deputy regional director of HSBC UK, added: "The group has demonstrated some encouraging progress in line with its strategy over recent months and we are pleased to be able to continue our support to the business in these circumstances."

Last week Proactis said it has traded well through the early stages of the Covid-19 crisis.

The firm said it has responded well to a period of significant disruption and uncertainty.

Whilst mindful of potential delays to new customer contracts and the implementation of existing projects in the short-term during the early stages of the Covid-19 crisis, the group said it is confident about its ability to accelerate new business substantially in the medium term.