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Malcolm Group set for growth with £50m refinancing deal

  • 07 November 2012
  • By Chris Druce

Scotland’s largest haulier Malcolm Group is set to “capitalise on new opportunities as they arise” after agreeing a £50m refinancing deal.

The Renfrewshire-based operator has struck deals with Santander, HSBC and Barclays, the later of which has provided funding to the tune of £23m for working capital purposes.

Group chief executive Andrew Malcolm said: “The support from Barclays has been instrumental in providing the group with a flexible five-year facility.

“This will allow us to continue to grow the business in line with our strategic plan and capitalise on new opportunities as they arise.”

Post-refinancing, the group has net debt of £19m (2011: £20.5m).

Malcolm added: “The past year has been an exciting one for [us] with increased activity levels from both our existing customers as well as a number of new blue chip relationships.”

Malcolm Group also revealed it had enjoyed a strong 2011 despite the weak economy, with group turnover in the year ended 31 January 2012 up 11.7% to £190.3m (2011: £170.4m). Pre-tax profit was £4.9m, 11.4% higher than 2011’s £4.4m.

The company added that activity levels in its logistics and construction divisions for 2012 are ahead of last year, arguing well for 2012 as a whole.

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Article source: http://www.commercialmotor.com:80/latest-news/malcolm-group-set-for-growth-with-%C2%A350m-refinancing-deal