Headlam has replaced its revolving credit facility and overdraft with an asset-based lending facility.
The RCF was due to expire in October 2027.
It has been replaced by a £85m facility which will change depending on the group’s asset base, ‘with the intention being that it provides headroom and liquidity as the business needs evolve.’
Barclays Bank and Wells Fargo Capital Finance have provided the financing, which is expected to have a similar interest rate to the RCF.
‘We are pleased to have secured new financing, for up to five years, and deliver another important milestone in our transformation plan. We will provide additional information on our progress and future plans at our full year results in March,’ says Stephen Bird, Headlam interim executive chairman.
