An acquisition-hungry energy services group based in north-east Scotland has secured nearly £50 million worth of additional “firepower”.
Dyce-headquartered Centurion Group said it had increased the size of its revolving credit facility by £47 million to £195m.
It said the “extension” was available for acquisitions, capital expenditure and working capital funding.
Existing backers HSBC and ATB Financial increased their commitments, and Royal Bank of Scotland joined Centurion’s seven-strong “banking club”.
Centurion is a supplier of critical rental, infrastructure and support services to the energy industries.
Its chief financial officer, Euan Leask, said: “We are pleased to increase our facilities with our existing bank group and welcome RBS into the banking club.
“This extension further strengthens the group’s capital structure, ensuring Centurion is well positioned to execute its strategy with sufficient firepower to expand through highly selective, complementary acquisitions and capital investments.
“Centurion has a strong financial position with a robust balance sheet and strong cash flow.”
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