The facility has been arranged with Lloyds TSB plc, Yorkshire Bank and HSBC Bank plc with each bank providing £25 million. This new facility will replace the company’s existing funding package, providing working capital and finance for further acquisitions.
Commenting on the announcement, Anthony Riley, Chief Financial Officer, said: “We have been working with the banks for a number of months to put in place the best facility for Daisy Group. We are delighted that they have agreed to offer us this facility, having completed extensive due diligence on the strength of the business.
From the perspective of Daisy, we are convinced this is the right deal for us, strengthening and supporting our model and enabling us to continue with our stated consolidation of the fragmented reseller market place.”