Yorkshire Bank increases investment in Daisy Group plc

Daisy Group plc, a leading provider of unified business communications services, has had its credit facility increased by £40 million to £115 million by its banking club which includes Yorkshire Bank Corporate & Structured Finance.

Under the original credit facility, which was agreed in June last year, Yorkshire Bank, Lloyds and HSBC each provided £25 million. The new extended facility involves the existing lenders increasing their hold levels and the inclusion of a fourth bank, Barclays Bank plc.

The company said the additional funding would facilitate the continuation of the group's acquisition and consolidation strategy.

Daisy Group plc provides integrated voice and data services telephone lines, mobile telephony, broadband and web hosting to around 75,000 customers. It employs around 1,250 staff and has bases nationwide including. The business was established in Nelson in 2001 by the current CEO Matthew Riley. It floated on AIM in July 2009 and has since completed ten acquisitions.

Anthony Riley, Chief Financial Officer, said: "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 market place."

Owen Malton, director with Yorkshire Bank Corporate & Structured Finance in Manchester, said: "Daisy has embarked on a successful acquisition strategy. We are delighted to increase our facilities to support its ongoing growth."