• Deal will run through to June 2015
  • Provides "committed revolving facilities"
Matthew Clarks agreement will run until 2015

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.

In May, Matthew Clark launched a new agency arm, Catalyst Brands, to take over distribution of Gruppo Campari brands in the UK.

Show the press release

 

Matthew Clark announces new banking agreement with

Barclays

 

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

2015.

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

transaction.

Ends

 

Original source: http://www.matthewclark.co.uk/