IP Group secures £30m debt facility with EIB

IP Group, a developer of intellectual property-based businesses, has secured a £30m, 8-year debt facility from the European Investment Bank, which it will use to continue to fund UK university spin-out companies as they develop and mature.IP said the facility provides it with an additional source of long-term capital and represents an evolution in the group's capital structure to support its future growth and development.The facility will be disbursed in two tranches and the group intends to draw down the first tranche shortly.IP Group said the facility is a clear indication of the EIB's support for its activities in working with leading UK universities to commercialise the outstanding intellectual property that emanates from their scientific research across all its sectors.Chief executive Alan Aubrey said: "The EIB regards growth and jobs in the EU as top priorities and recognises the important role that the development of innovation and skills plays in achieving these objectives."At 0945 BST, IP shares were up 2.6% at 198.70p. Ip Group