UK: Matthew Clark negotiates GBP50m credit agreement
- Deal will run through to June 2015
- Provides "committed revolving facilities"
Matthew Clark's agreement will run until 2015
Matthew Clark has announced a three-year credit agreement with Barclays Bank worth GBP50m (US$78m).
The money will go towards growth and capital expenditure and fund potential acquisitions, said Matthew Clark finance director David Phillips in a statement today (26 June). The credit will give the company flexibility in a difficult market, Phillips said.
Matthew Clark announces new banking agreement with
Matthew Clark, the largest UK on-trade drinks wholesaler announces today a new
three year credit agreement with Barclays Bank plc. The agreement provides
Matthew Clark with committed revolving facilities, totaling £50m through to June
Matthew Clark has over 200 years’ experience in the UK on-trade and has been a
customer of Barclays for over 120 years.
David Phillips, Finance Director, explains the significance of the agreement for
Matthew Clark: “We are delighted to continue working with Barclays, and this new
agreement allows us to invest in our business to support growth, invest in significant
capital expenditure and provide potential acquisition funding. We have a long history
with Barclays and they understand our business and our vision for growth over the
next few years. The facility gives us the flexibility to pursue opportunities, in what will
remain a challenging market.”
Adam Mehmet, Relationship Director in Barclays said: “We have a long standing
relationship with Matthew Clark and have seen it go from strength to strength in a
competitive market. Our in-depth understanding of both the business and industry
has enabled us to deliver a funding package that will support the management team
as they take Matthew Clark to the next level of its growth strategy.”
TLT LLP advised Matthew Clark and Eversheds LLP advised Barclays during this
Original source: http://www.matthewclark.co.uk/
A new trade body representing spirits producers in Europe has been established following the merger of the European Spirits Organisation (CEPS) and the European Forum for Responsible Drinking (EFRD). ...
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