This comes a year after the group agreed a refinancing deal with PNC and the new funding will see its original facility level increase from £40m to £50m to support its growth plans.
In a statement issued by the company, Ed Brookes, CFO of Andrew Page commented: “The new £50m funding package provides additional capital to allow the business to accelerate its strategic growth plans and maintain its momentum. PNC are a terrific partner to have on board through this exciting stage of our development.”
Jim Sumner, Chairman of Andrew Page said: “Our expansion plans and the confidence of our financial backers is a reflection of the wide experience and hard work undertaken by the management team. The continued focus on the streamlining and efficiencies of our business is paying dividends and we’re at the top of our game.”
The firm, which is backed by private equity houses Endless and Phoenix Equity Partners, operates 108 branches across the UK and at the start of last year stated its intention of expanding through a combination of acquisitions, new branch openings and investing in its on-line presence.