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New finance deal for regional newspaper publisher

Regional newspaper publisher the Claverley Group has agreed a multi-million pound refinancing deal with High Street bank Lloyds TSB.

The deal involves a change of bank for the company and a term debt spread over five years as well as revolving credit and overdraft facilities, reports

The Claverley Group owns daily titles the Express and Star, Shropshire Star, Guernsey Press and Jersey Evening Post, a host of weekly papers across the West Midlands and Shropshire, three radio stations and commercial printing and computer systems companies.

Rob Cross, group financial director for the Claverley Group, told HTFP: “We’ve signed a new banking deal with Lloyds after previously banking with Barclays.

“We’re not in the habit of changing our banks and it’s probably only the second time we’ve done it in our history. But after the Lehman crash the whole world of finance has changed.

“We included Barclays in our negotiations but at the end of the day it was about the soft issues of relationships and hard issues of commercial needs and a necessary decision to make in the interest of the business moving forward.”

Chris Pennick, relationship director with Lloyds TSB, said: “Having taken the time to get to know the management teams of each of Claverley Group’s businesses it was clear that the whole group has clear strategic direction and a robust business plan.

“We’re pleased to be supporting the company’s ongoing success with this long-term facility and have every confidence that the Claverley Group will continue to go from strength to strength in 2010 and beyond.”


Nimrod (17/02/2010 13:34:05)
Never mind the Claverley Group Mr Pennick, where was your “Strategic Direction” when I had to bail you out with my tax ? Banker