Marlowe secures new debt facility
Support services group Marlowe has signed a new, enlarged revolving credit facility with HSBC and National Westminster Bank.
FTSE AIM All-Share
752.42
11:10 23/04/24
n/a
n/a
Marlowe
509.11p
10:50 23/04/24
-0.17%
-0.89p
Support Services
10,634.53
11:10 23/04/24
0.48%
50.87
The new facility replaces the existing £18m facilities and comprises a three-year £30m revolving credit facility and an additional £15m accordion facility.
As at 30 September, Marlowe, which focuses on acquiring and developing companies that provide critical testing and maintenance services, had net cash of £4.9m.
Marlowe said the enlarged debt facility will provide further resources to support its acquisition-led growth strategy.
At 1040 GMT, the shares were up 3.5% to 420.12p.