Gateley, a legal and professional services firm, announced on Tuesday that it has reached an agreement with the Bank of Scotland and HSBC UK for a new revolving credit facility amounting to £30m.
Gateley’s new revolving credit facility provides £30 million in committed funding between the Bank of Scotland and HSBC UK until April 2025.
The dual bank club replaces the group’s previous £8m overdraft arrangements with Bank of Scotland and HSBC UK, giving it more flexibility to fund future growth and acquisitions.
The loan has an interest rate that is 1.95% higher than the SONIA reference rate.
“We are delighted to have agreed this new £30m facility with our long-term supportive banking partners of Bank of Scotland and HSBC UK. The facility will provide us with additional headroom to continue with our stated strategy to grow organically and through acquisitions,” said Rod Waldie, Gateley CEO.
“We continue to position ourselves to invest in and grow our Platforms to provide an increasing breadth of services to our clients.”
“The aggregation of complementary legal and consultancy services on our four market-facing Platforms of Corporate, Business Services, People and Property continues to differentiate Gateley, strengthen our appeal to clients and enhance our resilience.”