Yorkshire Bank backs Phoenix IT Group in £90m new facility

The Manchester-based Corporate & Structured Finance team at Yorkshire Bank is part of a new four bank club providing a £90 million new revolving credit facility to Phoenix IT Group Plc.

The new four year facility will be used to refinance Phoenix IT Group's existing £86 million facility and materially increases the effective financial resources available to the Group.

As one of the UK's leading IT service providers, the Group provides a growing range of complementary IT infrastructure support services including systems management, communications, remote telephone support, high-touch field services, project and consultancy services and business continuity and disaster recovery services.

Peter Bertram, Phoenix IT Group chairman, said “We were extremely impressed by the way that Yorkshire Bank approached the transaction, showing tremendous commitment and delivering on time. As such, we are delighted to welcome them as a new relationship bank.”

Peter Keighley, director with Yorkshire Bank Corporate & Structured Finance said: “We are extremely pleased to be providing facilities to Phoenix IT Group, a new client to Yorkshire Bank.  This is a successful business and we look forward to developing a strong and long term relationship with the group.”