The corporate banking teams at Barclays and HSBC in Bristol have jointly refinanced social housing repair and maintenance group Mears with a five-year, £120m revolving credit facility.
Gloucester-based Mears will use the facility for general corporate purposes, including re-financing the previous facility due to mature in June 2013, as well as to support its medium-term strategic growth and acquisition plans.
Mears, one of the UK’s leading businesses in its sector, employs more than 12,000 people and carries out 3,000-plus repairs daily in communities from remote rural villages to large inner-city estates.
It is also the UK’s fastest-growing domiciliary care services firm providing 8m hours a year on behalf of 75 local authorities and primary care trusts and also to an increasing number of people who fund their own care.
Barclays and HSBC acted as joint mandated lead arrangers for the refinancing, with HSBC providing documentation coordination services and Barclays acting as facility agent, while continuing to provide clearing banking for Mears.
Barclays Corporate Bristol relationship director Chris Jones said: “We are very proud of our long term association with Mears which now extends over 20 years. During this period we have developed a close relationship with the management team and thorough understanding of their industry and markets and this has enabled us to further support the company with a finance solution that fits well with their strategic plans.”
Tracey Roberts, HSBC Senior Corporate Banking manager, West & Wales, said: “We are delighted to be broadening our relationship with this innovative and interesting business. While the company already provides invaluable services to thousands of people everyday, HSBC is looking forward to supporting its strong and dedicated management team in delivering on its wider growth plans.”
Mears financial director Andrew Smith added: “We are pleased that our leading relationship banks have participated in the new revolving credit facility which will strengthen our financial position as we continue to take the Mears Group forward to meet our strategic goals.”
