LONDON--(BUSINESS WIRE)--Six Degrees Group today announces it has signed an agreement with Clydesdale Bank for a long-term £25m credit facility. The new arrangement provides additional funding to support the Group’s strategy of organic and acquisitive growth in the managed data services market.
Commenting on the agreement, Ronnie Smith, chief finance officer of Six Degrees Group, stated:
“I am pleased that Clydesdale Bank has demonstrated its ongoing support to Six Degrees Group. This is testament to how successful the Group has been in executing its strategic plan and we’re now at a run-rate of £30m revenue and £9m trading EBITDA. This represents comfortable double digit organic growth and we’ve delivered well over £1m in cross-sales in less than 6 months, proving that our model is working superbly well. In a challenging economic environment we’re seeing increasing demand for our range of hosting and cloud services.”
The Clydesdale Bank team was led by Mark Hull, director, corporate and structured finance. He said:
“We have established an excellent relationship with the directors of Six Degrees Group over a number of years and this latest extension of our support further enhances the successful partnership we have developed with the company. Alastair and his team have a proven track record of success and have continually demonstrated an ability to exceed performance targets. We look forward to working closely with them as they roll out the ambitious plans they have for the coming year.”
About Six Degrees Group
Six Degrees Group is a privately owned managed data services provider serving UK mid-market and corporate customers. The Group has a converged services portfolio – including datacentre, connectivity, voice and cloud offerings – designed to help companies meet the challenges of a connected, always-on world.
About Clydesdale Bank
Clydesdale Bank is part of the National Australia Bank Group. Clydesdale Bank was established in 1838 in Glasgow and, as one of Scotland’s largest banks, has a proud history of innovation and support for Scottish industry and communities as well as a significant presence in London and the South of England.
Clydesdale Bank Corporate & Structured Finance (CSF) is a specialist division which provides a full range of day to day banking services for companies with a turnover from £50m to £1bn and funding for requirements including refinancing, working capital and expansion.