Business telecoms firm Elite Group has sealed a £30 million refinancing deal as it gears up for further acquisitions and growth.
The company, led by entrepreneur and investor Matt Newing, secured the refinancing with Lloyds Bank.
Elite Group is headquartered in Chorley, Lancashire, with additional offices in offices in Staffordshire and London. It specialises in providing unified communications and cloud IT services.
Newing said he was “pleased” that the group’s 10-year relationship with Lloyds will continue.
“With 16 successful acquisitions under our belt already, we now have a further £30m with which to continue growing through acquisition; and as always we will also continue to grow the business through organic means too,” he added.
Prior to the deal, corporate finance specialist Clearwater International carried out a thorough review of the market and the various funding options, according to Elite Group CFO Rob Burbidge.
“In many ways it was reassuring that the best solution was offered by Lloyds Bank and it meant we were able to convert an agreed offer into a signed agreement within just two weeks,” he said.
In addition to Clearwater International, DLA Piper, EY and Hill Dickinson were involved in the deal.