Daisy secures £200m investment warchest

Communications group Daisy plc has secured a £200m financing deal and is to begin a new wave of acquisitions.

The Nelson company, headed by entrepreneur Matthew Riley, has agreed a £33.3m commitment from each of Barclays, HSBC, ING, Lloyds, the Royal Bank of Scotland and Yorkshire Bank.

The funding package includes a £140m banking facility, a £50m loan and a £150m revolving credit facility.

Daisy said the new finance will be used as working capital to fund further acquisitions.

Steve Smith, Daisy’s chief financial officer, said: "We are delighted with the appetite shown by our banking partners to continue to support our strategy and are pleased to welcome ING into our banking arrangement.

“In 2010 we put together facilities with three banks, each committing £25m, and subsequently expanded the club to five banks with an average commitment of £28m each. The terms of these facilities reflect the banks' confidence in the group's continuing financial progress and strategy.

"The new and enlarged facilities will enable us, in line with our stated strategy, to continue to consolidate the fragmented reseller market place where we see a clear path to generate shareholder value."

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