Knights Group Holdings PLC New Revolving Credit Facility for £27m agreed (2548U)
March 28 2019 - 2:02AM
UK Regulatory
TIDMKGH
RNS Number : 2548U
Knights Group Holdings PLC
28 March 2019
Knights Group Holdings plc
("Knights" or the "Company")
New Revolving Credit Facility for GBP27m 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 Allied Irish Bank (GB)
("AIB (GB)").
The facility provides total committed funding of GBP27m until
June 2023. It replaces the Group's existing GBP18m facility with
AIB (GB) and is on improved terms.
David Beech, CEO of Knights, commented:
"We are delighted to have agreed this new, increased facility
with AIB (GB) which gives us increased flexibility and additional
headroom in our facility to execute our strategy. We look forward
to continuing to develop the business both organically and through
the selective acquisition of high calibre firms which enhance our
expertise and geographical presence outside London and drive
shareholder value."
Mike Rogers, Head of the Manchester Business Centre at AIB (GB)
said:
"We are delighted to continue our relationship with Knights and
to provide increased facilities to assist their business's growth
and acquisition strategy. We have worked with the management team
for over five years and look forward to strengthening our
relationship further as we support them in this exciting period of
expansion."
Ends
Enquiries
Knights
David Beech, CEO via MHP Communications
-----------------------
Numis (Nominated Adviser and Broker)
Stuart Skinner, Kevin Cruickshank, Michael
Burke +44 20 7260 1000
-----------------------
MHP Communications (Media enquiries)
Andrew Jaques, Katie Hunt, Kelsey Traynor +44 20 3128 8100
knights@mhpc.com
-----------------------
Notes to Editors
Knights is a fast-growing, legal and professional services
business, ranked within the UK top 100 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 of
the 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.
The Company's main focus is on the UK's secondary markets, offering
'big city' quality expertise from a regional cost base. Currently,
Knights operates from eight offices located in Cheltenham, Chester,
Derby, Leicester, Manchester, Oxford, Stoke and Wilmslow.
Allied Irish Bank (GB) is a niche, sector focused business bank
which specialises in delivering relationship driven service to
medium to large sized businesses. It operates from 16 locations in
major business centres across Great Britain, employing over 600
staff.
Allied Irish Bank (GB) has been supporting businesses in Britain
with true relationship driven service for over 40 years. During
this time, the Bank has grown organically with more than half of
new business coming from existing customer recommendations.
Allied Irish Bank (GB) was awarded 'Best Service from a Business
Bank' at Business Moneyfacts Awards in 2014, 2015 and 2016.
The AIB logo, Allied Irish Bank (GB) and Allied Irish Bank (GB)
Savings Direct are trade marks used under licence by AIB Group (UK)
p.l.c. 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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END
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