29 Mar 2021 07:00
29 March 2021
The Ince Group plc
("Ince" or the "Group" or the "Company")
New Banking Agreement
On 26 March 2021, Ince entered into a £ 17 million, three-year financing agreement with Investec Bank plc. It replaces a prior financing agreement with Barclays, which was repayable on 31 December 2021.
The financing comprises a secured-term loan and a revolving credit facility. The term loan of £9 million is for three years, amortising quarterly from September 2021 with a £3.2 million bullet in March 2024. The revolving credit facility of £8 million is available for the three-year period to March 2024.
The Barclays facility which is being redeemed comprised the remaining £4.2 million of term loan and a £6.5 million revolving credit facility.
Ince will issue a trading update in the second half of April.
Simon Oakes, CFO of Ince, said
"We are delighted with this medium term banking agreement which underpins the Group's stable base. With our cash holdings and the undrawn part of the facility, we have considerable headroom into the future to accommodate the Group's working capital needs.
"We are looking forward to working with the team at Investec. They have gained a thorough understanding of the Group and will be an excellent banking partner to help us develop our strategy as an established international group whilst maintaining a prudent balance sheet."
Enquiries:
The Ince Group plcAdrian Biles, Group Chief ExecutiveSimon Oakes, Chief Financial Officer | investorrelations@incegd.com |
Arden Partners plc Nominated Advisor and Broker to the CompanyJohn Llewellyn-Lloyd, Corporate FinanceDan Gee-Summons, Corporate FinanceSimon Johnson, Equity Sales | +44 (0) 20 7614 5900 |
Williams NicolsonMedia enquiriesSteffan WilliamsLouise Nicolson | +44 (0) 7767 345 563ince@williamsnicolson.com |
Note for editors
The Ince Group is a dynamic international legal and professional services business with offices in nine countries across Europe, Asia and the Middle East. With over 700 people, including over 100 partners worldwide, The Ince Group delivers legal advice, strategic guidance and business solutions to clients ranging from the world's oldest and biggest businesses operating across numerous industries to ultra-high net worth individuals. Through its entrepreneurial culture and "one firm" approach, the business offers its clients over 150 years of experience, insight and relationships. The Group is driven by a unique team of passionate people whose broad expertise and deep sector specialisms provide their clients with solutions to all their complex legal and strategic needs.