Yorkshire Bank provides £22m package for marine services group

The Manchester team of Yorkshire Bank Corporate & Structured Finance has agreed a £22m finance package for the marine services group James Fisher and Sons plc.

The funding provides the company with an additional facility to provide further headroom for working capital lines, and to support an already successful acquisition strategy.

Founded in 1847 by James Fisher and located in Barrow-in-Furness, Cumbria which geographically remains of high importance to the group, James Fisher is a multi national FTSE 250 company, with operations around the world, providing marine and specialist support services across different marine related sectors.

Since the appointment of executive chairman Timothy Harris (CBE) in 2001, the group has steadily increased the breadth and range of marine services it provides by completing and successfully integrating 17 acquisitions over the past six years with an excellent track record of achieving organic growth.

As well as providing a distribution service for the oil industry through its core fleet of well known tank ships, it is also a leading service provider in niche areas of the offshore, marine, defence and nuclear industries with a broad diversity of market-leading and service related activities delivered by its 1400 worldwide specialist employees.   Around 30 per cent of its business is overseas with the group having operations in Norway and Singapore amongst other locations.

Owen Malton, corporate director with Yorkshire Bank Corporate and Structured Finance, led the deal and said: “We are delighted to provide a funding package to this market leading North West plc, especially given the robust track record delivered by a strong and prudent management team, despite prevailing economic market conditions.  The diversification in activities seen over the years has proven to be an effective strategy and we’re looking forward to working with the group to assist further growth, both organically and by suitable acquisitions as they arise.

“A North West corporate banking relationship is important to the company, given its roots in the region. James Fisher is a new and valued addition to our growing list of corporate clients.”