New banking agreement puts Smiths News on road for more growth

February 4, 2014
By

Smiths News, the Swindon-based specialist distribution group, is looking for further growth opportunities following a refinancing and extension of its bank facilities.

The group, the UK’s largest newspaper and magazine wholesaler, has increased its facility with a syndicate of lenders from £174m to £200m to support its medium-term funding requirements.

Chief financial officer Nick Gresham said: “We are delighted by the strong support from our banking syndicate, which provides the group with the financing we need to underpin Smiths News’ growth strategy for an extended maturity, on competitive terms.”

The current facility was due to mature in November. It was been replaced with the increased arrangement with a syndicate of five unnamed banks which will mature in November 2018.

The group has made a spate of acquisitions in recent years to transform it into a leading UK book supplier and leading specialist distributor of consumable products to the education sector – the latter through the £38m takeover of Trowbridge-based educational supplies distributor The Consortium.

 

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