New Revolving Credit Facility for £40m agreed

RNS Number : 9856C

Knights Group Holdings PLC

14 February 2020

 

Knights Group Holdings plc

("Knights" or the "Company")

New Revolving Credit Facility for £40m agreed

Knights, one of the UK's fastest growing legal and professional services businesses, is pleased to announce that it has agreed a new extended revolving credit facility with HSBC UK and Allied Irish Bank (GB) ("AIB (GB)").  

The facility provides total committed funding of £40m until June 2023, split equally between HSBC UK and AIB (GB). It replaces the Group's existing £27m facility with AIB (GB) and is on improved terms.

David Beech, CEO of Knights, commented: 

"We are delighted to have agreed this new £40m facility with AIB (GB) and HSBC UK. This will provide us with additional flexibility to further grow our presence across the UK, both organically and through strategically compelling acquisitions, as we continue to enhance the strong growth platform we have developed in key legal markets outside of London."

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Enquiries 

Knights
David Beech, CEO	via MHP Communications
Numis (Nominated Adviser and Broker)
Stuart Skinner, Kevin Cruickshank	[phone]
MHP Communications (Media enquiries)
Andrew Jaques, Katie Hunt, Rachel Mann	[phone] [e-mail]

Notes to Editors

Knights is a fast-growing, legal and professional services business, ranked within the UK's top 100 largest law firms by revenue. Knights was one of the first law firms in the UK to move from the traditional partnership model to a corporate structure in 2012 and has since grown rapidly. Knights has specialists in all of the key areas of corporate and commercial law so that it can offer end-to-end support to businesses of all sizes and in all sectors. It is focussed on key UK markets outside London and currently operates from ten offices located in Birmingham, Cheltenham, Chester, Derby, Leicester, Manchester, Oxford, Stoke, Wilmslow and York.

HSBC UK

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 65 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,728bn at 30 September 2019, HSBC is one of the world's largest banking and financial services organisations.

Allied Irish Bank (GB) is a niche, sector focused business bank which specialises in delivering relationship driven service to medium to large sized businesses. It operates from 14 locations in major business centres across Great Britain, employing over 600 staff.

Allied Irish Bank (GB) has been supporting businesses in Britain with true relationship driven service for over 40 years. During this time, the Bank has grown organically with more than half of new business coming from existing customer recommendations.

Allied Irish Bank (GB) was awarded 'Best Service from a Business Bank' at Business Moneyfacts Awards in 2014, 2015 and 2016.

The AIB logo, Allied Irish Bank (GB) and Allied Irish Bank (GB) Savings Direct are trade marks used under licence by AIB Group (UK) p.l.c. incorporated in Northern Ireland.  Registered Office 92 Ann Street, Belfast BT1 3HH.  Registered Number NI018800.  Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

For further information on Allied Irish Bank (GB), visit aibgb.co.uk

 

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