Ince Group PLC (The) The Ince Group plc New Banking Agreement (7243T)
29 March 2021 - 5:00PM
UK Regulatory
TIDMINCE
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 GBP 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 GBP9 million is for three years,
amortising quarterly from September 2021 with a GBP3.2 million
bullet in March 2024. The revolving credit facility of GBP8 million
is available for the three-year period to March 2024.
The Barclays facility which is being redeemed comprised the
remaining GBP4.2 million of term loan and a GBP6.5 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 investorrelations@incegd.com
Adrian Biles, Group Chief Executive
Simon Oakes, Chief Financial
Officer
Arden Partners plc
Nominated Advisor and Broker
to the Company
John Llewellyn-Lloyd, Corporate
Finance
Dan Gee-Summons, Corporate
Finance
Simon Johnson, Equity Sales +44 (0) 20 7614 5900
Williams Nicolson +44 (0) 7767 345 563
Media enquiries ince@williamsnicolson.com
Steffan Williams
Louise Nicolson
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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END
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