UK B2B telco Daisy Group has increased an existing 3-year credit facility by £40m to £115m as the company seeks to continue its acquisitive strategy plan.
The extended facility saw Barclays join existing lenders Lloyds, Yorkshire Bank and HSBC, which…
UK B2B telco Daisy Group has increased an existing 3-year credit facility by £40m to £115m as the company seeks to continue its acquisitive strategy plan.
The extended facility saw Barclays join existing lenders Lloyds, Yorkshire Bank and HSBC, which also increased their holdings, according to a stock market announcement.
Daisy’s original 3-year facility was secured on 4 June 2010. The group has made four acquisitions since then as it seeks to grow through consolidation.
“The increased facility provides funding for further growth and demonstrates the confidence that the participating banks have in our ability to consolidate the fragmented reseller market place,” said Daisy CFO Anthony Riley.
The group announced the completion on 1 February of its takeover of local rival SpiriTel for £27.3m.
Re-iterating a ‘buy’ recommendation today, an investors note issued by Daniel Stewart & Company states: “Understandably, Daisy’s acquisition plans remain subject to the requirements of each respective deal, but the twin drivers of growth, the pool of mid-tier opportunities and subsequent cross-selling, remain intact.”
