Daisy Increases Expansion Funds by £40m

Communications Group Daisy has announced that its existing credit facility has been increased by £40 million to £115 million; the new extended facility involves the existing lenders increasing their hold levels and the inclusion of a fourth bank, Barclays Bank plc.

The original three year credit facility, announced 4 June 2010, was arranged with Lloyds TSB plc, Yorkshire Bank and HSBC Bank plc.

The provision of this further credit facility will support the continuation of the Group’s acquisition and consolidation strategy.

Commenting on the announcement, Anthony Riley, Chief Financial Officer, said: “We are delighted Barclays has joined our existing banking syndicate. The increased facility provides funding for further growth and demonstrates the confidence that the participating banks have in our ability to consolidate the fragmented reseller market place.”

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