Quarto secures $95m of credit from its banks

Quarto publishes A London Year anthology
ILLUSTRATED book publishing and distribution group Quarto announced a new four year $95m (£62.4m) banking facility yesterday with three banks.

The facility, signed with the Royal Bank of Scotland, Bank of America, Santander UK and Fifth Third Bank, will run from April 2015 until April 2019. “We are very pleased to have concluded our refinancing, with four existing banks to the group,” said Quarto’s finance chief Mick Mousley.

“They have been very supportive of our strategy and continue to recognise the ongoing strength of the business.”

The group, which publishes the diary-style anthology A London Year and specialises in illustrated non-fiction books such as the Captain Pugwash series, currently has a debt of almost $6.6m (£4.3m).

Quarto announced that it would expand its children’s publishing last week in a series of initiatives to boost the group’s revenue.

For the quarter to the end of September 2014 revenues were largely flat at $54.5m. Shares rose by 4.5 per cent yesterday.