New Revolving Credit Facility for £60m agreed
Knights Group Holdings plc
("Knights" or the "Company")
New Revolving Credit Facility for £60m agreed
Knights, one of the UK's fastest growing legal and professional services businesses, is pleased to announce that it has agreed a new extended revolving credit facility with HSBC UK, Allied Irish Bank (GB) ("AIB (GB)") and Lloyds Bank.
The facility provides total committed funding of £60m until October 2024, split equally between HSBC UK, AIB (GB) and Lloyds Bank. It replaces the Group's existing £40m facility with HSBC UK and AIB (GB) with the three bank club providing increased flexibility to the Group at effectively the same interest cost to the Company."
David Beech, CEO of Knights, commented:
" We are delighted to have agreed this new £60m facility with AIB (GB), Lloyds Bank and HSBC UK. The facility will provide us with additional headroom to build upon the critical mass achieved this year, continue to scale our business across the UK organically and through selected acquisitions, and execute our strategy to become the leading legal and professional services business outside London."
Ends
Enquiries
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Knights |
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David Beech, CEO |
Via MHP Communications |
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Numis (Nomad and Broker) |
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Stuart Skinner, Kevin Cruickshank |
020 7260 1000 |
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MHP Communications (Media enquiries) |
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Andrew Jaques, Katie Hunt, Rachel Mann |
020 3128 8100 |
Notes to Editors
Knights is a fast-growing, legal and professional services business, ranked within the UK's top 50 largest law firms by revenue. Knights was one of the first law firms in the UK to move from the traditional partnership model to a corporate structure in 2012 and has since grown rapidly. Knights has specialists in all key areas of corporate and commercial law so that it can offer end-to-end support to businesses of all sizes and in all sectors. It is focussed on key UK markets outside London and currently operates from 16 offices located in Birmingham, Cheltenham, Chester, Crawley, Exeter, Leeds, Leicester, Maidstone, Manchester, Nottingham, Oxford, Sheffield, Stoke, Weybridge, Wilmslow and York.
Lloyds Bank
Lloyds Bank Commercial Banking provides comprehensive expert financial services for small businesses, mid-sized businesses and multinational corporations. Maintaining a network of relationship teams across the UK, as well as internationally, Lloyds Bank Commercial Banking delivers the mix of local understanding and global expertise necessary to provide long-term support to its clients. Lloyds Bank Commercial Banking offers a broad range of finance beyond term lending and this spans import and export trade finance, structured and asset finance, securitisation facilities and capital market funding. Its product specialists provide bespoke financial services and solutions, including tailored cash management, international trade, treasury and risk management services.
HSBC UK Bank
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 65 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,728bn at 30 September 2019, HSBC is one of the world's largest banking and financial services organisations.
Allied Irish Bank (GB) is a niche, sector focused business bank which specialises in delivering relationship driven service to medium to large sized businesses
The AIB logo, Allied Irish Bank (GB) and Allied Irish Bank (GB) Savings Direct are trade marks used under licence by AIB Group (UK) plc. incorporated in Northern Ireland. Registered Office 92 Ann Street, Belfast BT1 3HH. Registered Number NI018800. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority .
For further information on Allied Irish Bank (GB), visit aibgb.co.uk
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