PTSG agrees £7m funding facility

Specialist equipment and services provider Premier Technical Services Group has signed a £7m funding deal with HSBC.

The Castleford business has been busy this year, earlier this month buying up a London cradle installation business for up to £4.0m. The firm also undertook the first Yorkshire IPO of 2015 and the group, which employs more than 100 people across Yorkshire, reported a 20% increase in its adjusted pre-tax profit for the first half of the year, to £2.35m.

Paul Teasdale, chief executive of PTSG, said: “The new banking facilities strengthen our financial position, extend the Group’s debt maturities and refinance our existing Term Loan of £3m. The RCF will help underpin our strategy to generate significant shareholder value through organic growth and complementary acquisitions, whilst the increased overdraft facility from £1.25m to £2.5m gives PTSG greater working capital flexibility, as the business grows.”

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