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LONDON (Alliance News) - Marlowe PLC said Friday it has replaced its existing loan with a new GBP30 million revolving credit facility plus a GBP15 million accordion.
The firm signed a new and enlarged revolving credit facility with HSBC Holdings PLC and National Westminster Bank PLC. The new facility replaces Marlowe's existing GBP18 million facilities.
Marlowe acquires and develops critical testing and maintenance business in the UK. Its three divisions are Water Treatment & Hygiene, Fire & Security, and Air Quality.
Marlowe said that "the enlarged debt facility will provide further resources to support the group's acquisition-led growth strategy".
As at September 30, Marlowe's net cash stood at GBP4.9 million.
Shares in Marlowe were up 3.5% at 420.12 pence on Friday.
