17 Jan 2012 | 09:55 am |
International law firm Pinsent Masons has advised Lloyds Banking Group, The Royal Bank of Scotland and Santander on a new term and revolving facility loan to Johnson Service Group PLC for £78.5 million.
The Cheshire based business operates a workwear and textile rental, dry cleaning and facilities management business. The group has continued to reduce its debt over the last year despite tough trading conditions on the high street and the new facility is expected to provide increased headroom for strategic bolt-on acquisitions. The loan comprises of a £53.5 million amortising term loan and a £25 million revolving loan, which includes an overdraft facility of £5 million.
The Pinsent Masons team was led by the Head of Financial Institutions, John Cleland assisted by Philip Scott and Tim Fearn. Commenting on the deal, John said: "We are very pleased to have advised the banks with this facility and look forward to working with them on further transactions in the coming year".
John Talbot, Executive Chairman of Johnson Service Group PLC, said: “We are delighted with the new bank facilities, which demonstrate continued support from the three banks and provide increased headroom to make strategic acquisitions for the long term benefit of the business.”
Beverley Bentley of Hill Dickinson LLP advised Johnson Service Group PLC.
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Multinational law firm Pinsent Masons is one of the first law firms to have its global 2040 net-zero target verified by the Science Based Targets initiative, as it doubles down on efforts to reduce its impact on climate change.
Multinational law firm Pinsent Masons is advising the City of Munich in appeal proceedings brought by the organisers of a planned Oktoberfest event in Dubai. The organisers provided cease-and-desist undertakings, thereby in effect accepting a preliminary injunction issued in this landmark case by the District Court in favour of the City of Munich.
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