Knights Group agrees new £27m facility with Allied Irish Bank

Legal and professional services business Knights Group has agreed a new extended revolving credit facility with Allied Irish Bank, it announced on Thursday.

The AIM-traded firm said the facility provided total committed funding of £27m until June 2023.

It replaced the group's existing £18m facility with AIB, and was reportedly on improved terms.

“We are delighted to have agreed this new, increased facility with AIB (GB) which gives us increased flexibility and additional headroom in our facility to execute our strategy,” said Knights Group chief executive officer David Beech.

“We look forward to continuing to develop the business both organically and through the selective acquisition of high calibre firms which enhance our expertise and geographical presence outside London and drive shareholder value.”

Mike Rogers, head of the Manchester Business Centre at AIB, said the bank was “delighted” to continue its relationship with Knights, and to provide increased facilities to assist the business's growth and acquisition strategy.

“We have worked with the management team for over five years and look forward to strengthening our relationship further as we support them in this exciting period of expansion,” Rogers added.