(Alliance News) - SEC Newgate SpA on Thursday said it has secured a EUR3 million loan facility to replace the revolving credit facility provided by Clydesdale Bank to consultancy company Porta Communications PLC in 2017.
Clydesdale bank provided Porta Communications a GBP3.3m revolving credit facility to provide a working capital facility for the company and to support the ongoing strategy of recruiting senior practitioners.
The new facility which was provided by Deutsche Bank runs until December 2023 with interest payable quarterly at three-month interest rate of 1.7%.
Fiorenzo Tagliabue, group chief executive of SEC Newgate, commented: "The new banking facility marks an important step in SEC Newgate's three-year strategic plan to return to profitability and strengthen the balance sheet, approved by the board in November 2019. We are delighted to have started this relationship with Deutsche Bank Italia which will help us to achieve our ambitious plans and seize the significant opportunity that we believe exists for SEC Newgate."
The three-year strategic plan includes various priorities, which include a stronger balance sheet and return to profit, as well as raising the company's global visibility and reputation. Another priority is to strengthen and increase SEC Newgate's capabilities through acquisitions, especially in the US.
Shares in the reputation management company closed 3.5% higher at 44.00 pence on Thursday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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