Estate agency Countrywide has increased its financing facilities from £150m to £250m, the FTSE-250-listed firm announced yesterday.
Countrywide said the extra finance will be used for general corporate purposes, including funding potential acquisitions.
The £250m revolving credit facility has been provided by its current banking syndicate, comprising Abbey National Treasury Services, AIB Group (UK), Barclays, HSBC, Lloyds and National Westminster. It will mature on March 20, 2018.
The company said the added borrowing capacity was in line with an increase in Countrywide’s profitability.
Countrywide chief financial officer Jim Clarke said: “We are pleased that our existing banking partners continue to support us, and we are able to continue our strategy for growth, both organically and through acquisitions, while maintaining conservative levels of financial leverage.”