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Posted on May 25, 2017 by staff

Stone Computers secures £17.5m funding package

Stone Computers, an IT firm based in Staffordshire, has secured a £17.5m debt package.

Although the company’s vision for the future was ‘clear’, bosses claim its financial structure lacked the flexibility necessary for growth.

Funding from PNC Business Credit will now refinance the £85m-turnover company’s existing term loan and revolving credit facilities.

The company, which is led by CEO Simon Harbridge and CFO Mark Audin, employs 200 people at its 100,000 sq ft assembly and distribution centre.

Martyn Pilley of Cattaneo who advised the deal, said: “With Stone’s senior management team having only recently come together, and with a number of exciting initiatives on their plate, they appointed us to run the whole refinancing process which involved using our knowledge of the debt market to identify appropriate lenders and run a competitive process to structure facilities that support their growth plans.”

Mark Audin, chief financial officer at Stone Computers, added: “As a management team we have developed a clear strategy for the business but were operating in a financial structure that lacked the flexibility we needed to drive the business forward.

“We are pleased to have selected PNC who showed great enthusiasm for our business and we look forward to working with them.”