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Volex secures £40 million
Electrical technology producer Volex Group plc has secured a revolving credit package worth some £40 million from Lloyds TSB Corporate Markets, led by directors Dave Allanson and Martin Morgan.
The refinancing writes off £1.5 million of unamortised refinancing fees.
Morgan said: “Due to Volex’s heavy international focus, with thousands of overseas staff across 15 worldwide manufacturing sites, our international expertise was very important to the group. Volex was previously working with a syndicate of banks and wanted to simplify this whilst achieving improved terms.”
Warrington-based Volex specialises in supplying electronic and fibre optic cable assemblies and electrical power cords. Volex reported revenues of £250.4 million for the year ended April 2, 2006.
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