Gateley agrees new £80m revolving credit facility

(Sharecast News) - Gateley announced on Monday that it has agreed a new £80m revolving credit facility to support its future growth strategy, significantly increasing its available funding and improving terms relative to its previous facility.

The AIM-traded professional services group said the new facility, which runs to April 2028 with options to extend to 2030, would provide greater financial flexibility as it pursued expansion plans.

It said the funding was split evenly between Bank of Scotland, HSBC UK, Barclays and NatWest, with Bank of Scotland acting as coordinator.

An uncommitted £20m accordion option was also included.

The new arrangement replaced Gateley's existing £30m facility, with improved terms and conditions.

"We are delighted to have agreed this new £80m facility with our long-term supportive banking partners of Bank of Scotland and HSBC UK alongside our new banking partners of Barclays and NatWest," said chief executive officer Rod Waldie.

"The facility will provide us with additional headroom and flexibility to continue with our stated strategy to grow organically and through acquisitions, further diversifying the Group's business."

Waldie said the company was continuing to position itself to invest in and grow its platforms, to provide an "increasing breadth of services" to clients.

"The aggregation of complementary legal and consultancy services on our four market-facing platforms of corporate, business services, people and property continues to differentiate Gateley, strengthen our appeal to clients and enhance our resilience."

At 0955 BST, shares in Gateley Holdings were down 0.2% at 126.25p.

Reporting by Josh White for Sharecast.com.