Daisy secures new credit facility

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Daisy secures new credit facility

Alex Scroxton
Acquisitive small and midmarket comms and data services provider Daisy Group is preparing a new round of reseller acquisitions after securing a £75m revolving credit facility with Lloyds TSB, Yorkshire Bank and HSBC.

The facility replaces Daisy's existing funding package, and will provide both working capital and financing for further acquisitions.

CFO Anthony Riley said: "From the perspective of Daisy, we are convinced this is the right deal for us, strengthening and supporting our model and enabling us to continue with our stated consolidation of the fragmented reseller market place."

Since its formation as part of a reverse takeover last summer, Daisy has spent over £52m on a round of acquisitions including Eurotel and ATC, Redstone's telecom business, Managed Communications and BNS Telecom.

Most recently the firm revealed it had slashed its costs by £17m as a result of synergies gained from its various acquisitions.

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