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Network Data gets £4.5m funding

Network Data has secured new funding of £4.5m with Bank of Scotland.

The facility includes a 10-year loan of £3.5m to refinance existing debt and provide additional working capital. The network has also secured an overdraft facility of £1m for working capital purposes.

Network Data says the new facilities are a significant improvement on the previous terms which were available to the company.

The new facilities required a revaluation of the freehold head office, Botleys Mansion.

Network Data chief executive Richard Griffiths says: “We are very pleased to announce the new banking facilities with Bank of Scotland Corporate as it refinances all the existing group debt on more advantageous terms and provides additional working capital funding.

“The facilities are more in line with the group’s long-term ambitions in addition to providing improved terms during a period of uncertainty in the debt markets.”

The company will be releasing its annual results for last year on April 1.

Brentchase Financial Services mortgage specialist Mike Fitzgerald says: “If there is funding for one network, it shows there is still appetite in the market. This is good news for Network Data and it comes at a good time for the market. I think that there are certain players in the market that are likely to be OK but there are a lot of networks that have been very quiet recently.”

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