The Ince Group plc New Banking Agreement

RNS Number : 7243T

Ince Group PLC (The)

29 March 2021

 

29 March 2021

The Ince Group plc

("Ince" or the "Group" or the "Company")

New Banking Agreement

On 26 March 2021, Ince entered into a £ 17 million, three-year financing agreement with Investec Bank plc. It replaces a prior financing agreement with Barclays, which was repayable on 31 December 2021.

The financing comprises a secured-term loan and a revolving credit facility. The term loan of £9 million is for three years, amortising quarterly from September 2021 with a £3.2 million bullet in March 2024. The revolving credit facility of £8 million is available for the three-year period to March 2024.

The Barclays facility which is being redeemed comprised the remaining £4.2 million of term loan and a £6.5 million revolving credit facility.

Ince will issue a trading update in the second half of April.

Simon Oakes, CFO of Ince, said

"We are delighted with this medium term banking agreement which underpins the Group's stable base. With our cash holdings and the undrawn part of the facility, we have considerable headroom into the future to accommodate the Group's working capital needs.

"We are looking forward to working with the team at Investec. They have gained a thorough understanding of the Group and will be an excellent banking partner to help us develop our strategy as an established international group whilst maintaining a prudent balance sheet."

Enquiries:

The Ince Group plc Adrian Biles, Group Chief Executive Simon Oakes, Chief Financial Officer	[e-mail]
Arden Partners plc   Nominated Advisor and Broker to the Company John Llewellyn-Lloyd, Corporate Finance Dan Gee-Summons, Corporate Finance Simon Johnson, Equity Sales	[phone]
Williams Nicolson Media enquiries Steffan Williams Louise Nicolson	[phone] [e-mail]

Note for editors

The Ince Group is a dynamic international legal and professional services business with offices in nine countries across Europe, Asia and the Middle East. With over 700 people, including over 100 partners worldwide, The Ince Group delivers legal advice, strategic guidance and business solutions to clients ranging from the world's oldest and biggest businesses operating across numerous industries to ultra-high net worth individuals. Through its entrepreneurial culture and "one firm" approach, the business offers its clients over 150 years of experience, insight and relationships. The Group is driven by a unique team of passionate people whose broad expertise and deep sector specialisms provide their clients with solutions to all their complex legal and strategic needs.

 

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