Knights Group Holdings PLC New Revolving Credit Facility for £27m agreed (2548U)

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RNS Number : 2548U

Knights Group Holdings PLC

28 March 2019

Knights Group Holdings plc

("Knights" or the "Company")

New Revolving Credit Facility for GBP27m agreed

Knights, one of the UK's fastest growing legal and professional services businesses, is pleased to announce that it has agreed a new extended revolving credit facility with Allied Irish Bank (GB) ("AIB (GB)").

The facility provides total committed funding of GBP27m until June 2023. It replaces the Group's existing GBP18m facility with AIB (GB) and is on improved terms.

David Beech, CEO of Knights, commented:

"We are delighted to have agreed this new, increased facility with AIB (GB) which gives us increased flexibility and additional headroom in our facility to execute our strategy. We look forward to continuing to develop the business both organically and through the selective acquisition of high calibre firms which enhance our expertise and geographical presence outside London and drive shareholder value."

Mike Rogers, Head of the Manchester Business Centre at AIB (GB) said:

"We are delighted to continue our relationship with Knights and to provide increased facilities to assist their business's growth and acquisition strategy. We have worked with the management team for over five years and look forward to strengthening our relationship further as we support them in this exciting period of expansion."

Ends

Enquiries

 
 Knights 
 David Beech, CEO                              via MHP Communications 
                                              ----------------------- 
 Numis (Nominated Adviser and Broker) 
 Stuart Skinner, Kevin Cruickshank, Michael 
  Burke                                              [phone] 
                                              ----------------------- 
 MHP Communications (Media enquiries) 
 Andrew Jaques, Katie Hunt, Kelsey Traynor           [phone] 
                                                     [e-mail] 
                                              ----------------------- 
 

Notes to Editors

Knights is a fast-growing, legal and professional services business, ranked within the UK top 100 largest law firms by revenue. Knights was one of the first law firms in the UK to move from the traditional partnership model to a corporate structure in 2012 and has since grown rapidly. Knights has specialists in all of the key areas of corporate and commercial law so that it can offer end-to-end support to businesses of all sizes and in all sectors. The Company's main focus is on the UK's secondary markets, offering 'big city' quality expertise from a regional cost base. Currently, Knights operates from eight offices located in Cheltenham, Chester, Derby, Leicester, Manchester, Oxford, Stoke and Wilmslow.

Allied Irish Bank (GB) is a niche, sector focused business bank which specialises in delivering relationship driven service to medium to large sized businesses. It operates from 16 locations in major business centres across Great Britain, employing over 600 staff.

Allied Irish Bank (GB) has been supporting businesses in Britain with true relationship driven service for over 40 years. During this time, the Bank has grown organically with more than half of new business coming from existing customer recommendations.

Allied Irish Bank (GB) was awarded 'Best Service from a Business Bank' at Business Moneyfacts Awards in 2014, 2015 and 2016.

The AIB logo, Allied Irish Bank (GB) and Allied Irish Bank (GB) Savings Direct are trade marks used under licence by AIB Group (UK) p.l.c. incorporated in Northern Ireland. Registered Office 92 Ann Street, Belfast BT1 3HH. Registered Number NI018800. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

For further information on Allied Irish Bank (GB), visit aibgb.co.uk

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March 28, 2019 03:02 ET (07:02 GMT)