Extension of banking facilities provides additional financial firepower
7th December 2007
The Mission Marketing Group plc ("TMMG" or "themission®"), the national marketing communications and advertising group, announced today that it has agreed an additional banking facility of up to £25 million with HSBC. This is in addition to the Group's existing £25 million RBS facility through a clubbing arrangement between the two Banks. The facility will provide the Group with additional financial flexibility to continue its growth from £5m turnover to £85m in less than two years.
themission® has successfully acquired and integrated Bray Leino, April-Six, thinkBDW and Story UK alongside Big Communications and Fuse Digital. The Group is now able to offer its predominantly national and international clients more services in more locations. All acquisition opportunities are evaluated against themission's strict criteria: adding high quality, rapidly growing complementary businesses that extend the service offering and geographic footprint as well as being earnings enhancing in the first full year of ownership.
The momentum reported in the September announcement of the Interim Results has continued during the second half and current trading remains in line with the Board's expectations.
Commenting on today's announcement Iain Ferguson, CEO, said:
"Our strategy of combining above industry organic growth with selective acquisitions to create a new national agency group has enabled us to build a strong platform from which to continue our development. Following our recent successful fundraising from the institutional investment community, the firepower provided by this additional facility will allow us to invest in selective complementary capabilities and expertise that will add value to our business and in turn our clients and shareholders. We are delighted to have the participation of HSBC alongside our existing banking partner, RBS. "
Click here to download the full article >