Royal Bank of Scotland joins unified communications provider’s group of banks, with finance deal to support its acquisition of Worldwide Group
Daisy Group has received a £25 million finance deal from the Royal Bank of Scotland (RBS) to support its acquisition of conference call aggregator Worldwide Group.
As part of the transaction, RBS Corporate and Institutional Banking (CIB) has joined Daisy’s banking partners alongside Lloyds, HSBC, Barclays and Yorkshire Bank. It takes the total banking facilities available to the firm to £140 million.
Last month Daisy Group announced it was buying Worldwide Group for an initial cash sum of £28 million.
Worldwide Group supplies services to global audio-conferencing companies and routes inbound calls from a number of foreign territories. It provides communications products including lines, calls, data connectivity, inboud-telephony, international toll-free services, maintenance services and disaster recovery.
Daisy Group chief financial officer Steve Smith (pictured) said: “We are delighted that RBS has joined our banking club as part of this transaction. They showed a positive desire to support us throughout the transaction process.
“They also took the necessary time to fully understand the business and markets in which we operate, which led them to making an approved offer within a tight timeframe. We value their support in this transaction and look forward to building a longstanding relationship with RBS going forward.”
RBS Corporate and Institutional Banking North West regional director Steve Lewis said: “Despite a challenging business environment, Daisy’s management team has delivered excellent results.
“Based on their in-depth knowledge of the sector and Daisy’s strong market reputation, the business is well-placed to capitalise on market opportunities and to deliver its growth plans. We look forward to building on our strong working relationship as these develop.”