Daisy cuts £40m funding deal with Barclays

Daisy cuts £40m funding deal with Barclays

Daisy has cut a deal with Barclays to secure an additional £40m credit facility to help fund further acquisitions, the firm will announce today.

AIM-listed Daisy has added Barclays as the fourth lender in its syndicate, which also includes Lloyds TSB, Yorkshire Bank and HSBC.

The move gives Daisy access to £115m through the credit facility.

Chief financial officer Anthony Riley said: ‘We are delighted Barclays has joined our existing banking syndicate.

‘The increased facility provides funding for further growth and demonstrates the confidence that the participating banks have in our ability to consolidate the fragmented reseller marketplace.’

Daisy bought SpiriTel for £30m this year, and spent £23.5m on medical telecoms firm NEG MBO Two in December.

The firm also acquired handset provider Fone Logistics last summer for £3.6m in cash.

Daisy reported a half-year loss of £9.8m in December, but chief executive Mathew Riley (pictured) is aiming for profitability by 2012.

Written by Mobile Today
Mobile Today


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