Alfreton, Derbyshire, UK: NFT has completed a five-year refinancing deal worth £31.6m, following another set of positive results in 2012.
The company, which announced a turnover of £152.4m in year end 2012, (an 8% increase versus year end 2011) has also seen profit after tax growth of 55% to £2.0m.
The five-year refinancing package replaces existing banking arrangements that came to an end in June 2012. In the deal, HSBC Bank provided total facilities of £31.6m which includes £21.6m of term and property loans and £10m of working capital facilities. The refinancing has enabled the NFT Group to better align its banking facilities with the future growth strategy of the business and its investors.
Steve Dennison, financial director at NFT, says: “The banking environment is still very challenging and the deal is a demonstration of the excellent and robust financial performance of the group over the last few years. It is testament to the strength of the NFT business that HSBC has chosen to partner with NFT in the next stage of our growth story.
The refinancing provides us with the certainty of financial resources to enable further investment and growth at NFT. This in turn will ensure we can continue to provide unrivalled supply chain solutions to all our customers.”