Moneysupermarket secures £100m funding to drive growth
Price comparison firm, Moneysupermarket, has agreed a £100m revolving credit facility, to “grow the business in the years ahead.”
It’s been secured through existing lender, Lloyds Bank Commercial Banking, alongside new partner, Barclays Corporate Banking. Effectively it means that its previous lending limit has doubled from £50m.
"The support of our banks in providing an increased revolving credit facility which gives additional headroom and is more flexible is a great vote of confidence and illustrates both the strength of our balance sheet and the quality of our asset base,” explained group chief finance officer Matthew Price.
"This funding package will help underpin our strategy to grow the business in the years ahead.”
Barclays’ relationship director, Andrew Meadowcroft added that the bank had been developing a relationship with the Flintshire-based firm over a number of years:
“The joined-up approach taken by our corporate, debt finance and investment bank teams, coupled with our appetite to support the group’s potential acquisition strategy, underlines the support we’ll be bringing to the relationship moving forward.”