Menzies Distribution (‘Menzies’) has announced that it has secured a new £25m Revolving Credit Facility with Royal Bank of Scotland which will support its strategy to become the UK’s leading national logistics partner. The new facility is committed for 5 years.
The new deal is an important milestone for Menzies as it is the first dedicated financing facility the company has received servicing its own investment needs, backed by private equity firm, Endless LLP (‘Endless’), following its separation from John Menzies plc.
In addition to the Revolving Credit Facility, Royal Bank of Scotland is providing the full range of operational banking services. The provision of these facilities will help support Menzies in its growth strategy.
Paul McCourt, Chief Financial Officer, Menzies Distribution said: “Our new Revolving Credit Facility agreement with Royal Bank of Scotland is an important milestone for Menzies Distribution and will enable us to drive forward our ambitious growth plans to become the UK’s leading technology-driven logistics partner. The funding and flexibility offered by the new facilities will strengthen our position as being the partner of choice to all news and magazine publishers and provide further leverage to utilise that same capability in our diversification into retail logistics and parcel distribution.
The confidence shown by Royal Bank of Scotland is a testament to the hard work of our incredible people across Menzies. We are very excited to execute our strategy with the support of Royal Bank of Scotland, our investor Endless and our great teams across the UK & Ireland.”
David Amos, Head of Regional Structured Finance Scotland, Royal Bank of Scotland said: “We are delighted to have been chosen as Menzies Distribution’s banking partner and to have provided this new facility to help support the growth of the business. Menzies Distribution is a high quality business that is successfully executing a compelling growth strategy. We look forward to supporting the management team and Endless in delivering against this strategy and supporting future opportunities”.