LONDON (Alliance News) - Wincanton PLC Thursday said it has agreed a new GBP170 million bank facility with better pricing, to support its medium-term funding requirements.
In a statement Thursday, the supply chain services provider said it has refinanced its main banking facility for a further five-year term through to June 2019.
It said the facility is provided by HSBC Holdings PLC, Barclays PLC, Lloyds Banking Group PLC, Royal Bank of Scotland Group PLC and Allied Irish Banks PLC.
The company said it now has a total of GBP300 million in committed facilities available to it.
"This refinancing provides a strong platform to support growth over the next five years and considerably extends the maturity profile of the group's debt," said Group Finance Director Adrian Colman in the statement.
Earlier this month, Wincanton said it more than doubled profit in its last financial year, boosted by a profit gain from its pension scheme, with revenue growth supported by new business wins.
It had said it will focus on building its pipeline in the year ahead, as well as winning market share and capturing customer opportunities through the cross-selling of products and services.
Wincanton shares were flat at 136.25 pence Thursday morning.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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