Barclays joins £115m Daisy loan syndicate

Marion Dakers
BUSINESS telecoms group Daisy has secured an additional £40m credit facility to help fund further acquisitions, the firm will announce today.

AIM-listed Daisy has brought in Barclays as the fourth lender in its syndicate, which also includes Lloyds TSB, Yorkshire Bank and HSBC.

Daisy now has access to £115m through the credit facility.

Chief financial officer Anthony Riley said in an advance statement seen by City A.M. : “We are delighted Barclays has joined our existing banking syndicate.

“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 marketplace.”

Daisy has already bought up SpiriTel for £30m this year, and spent £23.5m on the entire share capital of medical telecoms firm NEG MBO Two in December.

The firm also acquired handset provider Fone Logistics last summer for £3.6m in cash.

The firm reported a half-year loss of £9.8m in December, and chief executive Matthew Riley has set his sights on profitability by 2012.