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LONDON (Alliance News) - BP Marsh and Partners PLC Thursday said one of its investee companies, Besso Insurance Group Ltd, has struck a refinancing deal with Clydesdale Bank to help support its growth strategy.
BP Marsh shares were untraded Thursday afternoon. They last traded at 155.0 pence.
The additional funding derived from the refinancing will allow Besso to continue on its impressive growth trajectory, and will also be used to repay long-standing loan notes provided in 2011 to buy out certain shareholders, specifically Wells Fargo, said BP Marsh.
BP Marsh has GBP2.8 million outstanding in loan notes and once they have been redeemed, BP Marsh, alongside Clydesdale Bank, will provide Besso with a GBP1.0 million loan.
Besso is forecast to book GBP37.0 million of revenue and GBP6.0 million of earnings before interest, tax, depreciation, amortisation and exceptional items in 2015. To put that into perspective, Besso revenue only amounted to GBP22.0 million back in 2011.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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