Bury St Edmunds: Vitec secures �100m refinancing deal with banks

THE Vitec Group, parent company of Bury St Edmunds-based camera support specialist Vinten, has agreed a �100million refinancing package with a syndicate of banks to support its expansion plans.

Barclays, which co-ordinated the syndicate, HSBC, Royal Bank of Scotland and Wells Fargo have each provided �22.5million of funding, with UniCredit providing the remaining �10m.

Vitec, an international group, based at Richmond in Surrey, says the new five-year arrangement will enable it to continue to develop its existing businesses and selectively acquire new companies to complement its strategic objectives.

The group’s businesses principally serve customers in the broadcast, live entertainment, film and video production, photographic and military aerospace and government markets.

Paul Hayes, group dinance director at Vitec, said: “I greatly appreciate the support of our banking group, comprising of Barclays, HSBC, RBS, Wells Fargo and UniCredit, in arranging our refinancing.

“The new five-year facility provides Vitec with appropriate facilities to meet our strategic objectives with a banking group where we have strong relationships.”

Richard Bacon, the relationship director leading the deal for Barclays, added: “The commitment of the banking group demonstrates a very positive view of Vitec’s business and strategy, and will allow it the flexibility to move forward in its evolution.”