September 2 2014 Latest news:

Multi million pound deal funds growth

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Law company Cripps Harries Hall LLP lhas assisted Clydesdale Bank in Kent in the closing of a multi-million pound deal to help the Holiday Extras Group in its expansion.

Holiday Extras Group is a pre-booked airport hotels and airport parking business in the UK. It has secured a £17.5m revolving credit facility and a £7.5m bonding and guarantee facility to support its continued growth with Clydesdale Bank.

The company, which employs 400 people, with 300 of them based at its head office near Hythe, has a turnover of £200m.

Nigel Stanford, corporate partner at Cripps Harries Hall said, “This is a really positive deal for the Kent based company. The team here at Cripps Harries Hall provided legal support to Clydesdale Bank all the way through this complex and strategically important deal which was delivered ahead of the completion deadline.”

The facilities were negotiated as part of Clydesdale Bank’s ‘Investing for Growth’ initiative and the banks commitment to lending £10 billion of new finance to UK business and mortgage customers by October 2011.

Cathy Beare, Group Chief Financial Officer at Holiday Extras Group, said: “The support we have received from all involved in this exciting deal reinforces our belief that for well run and well managed businesses, there are opportunities out there.

“The teams involved, thoroughly understood our business and have been an integral part of the deal’s success. The deal was pulled together swiftly and professionally, with everybody working late into the night, on both sides of the table, including the legal teams of Cripps Harries Hall, and Addleshaw Goddard.”

Paul Saunders, Managing Partner at Clydesdale Bank’s Financial Solutions Centre in Maidstone, added: “It is very clear as soon as you walk into the Holiday Extras offices, and meet any of the team, that this is a business determined to succeed by providing the best possible service to its customers.

“The company has grown and increased employment throughout the recession and is now perfectly placed to benefit from the economic upturn.”

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