Wakefield insurance brokers secure £43m refinancing

Wakefield-based Oval Limited have secured a £43 million refinance package with its streamlined banking group.

The insurance brokers will use the facility, structured over a four year period, to support growth plans.

Barclays were Lead Mandated Arranger providing a £20m term loan and £3m overdraft facility with Lloyds (Insurance Sector Team, London) providing the remaining share.

Oval is a UK-wide business with 24 offices managed by 8 regional hubs, and approximately 1,200 employees.

Oval Group Finance Director, Ian Story, said: “Having just finished a very successful year, we are pleased to start the current one by securing this new facility. Barclays and Lloyds have supported Oval for many years and we look forward to their continuing involvement for many more to come. We believe that this refinancing is an endorsement of our strategy and confirmation of the strength of our company.”

Ben Andrews, Relationship Director at Barclays Corporate Banking in Leeds said: “Oval has proven resilient through the cycle and Barclays support has been very much based on our belief in the quality of the management team and the close relationship we have enjoyed over the years. We look forward to continuing our longstanding relationship with Oval and supporting the company’s growth in the years ahead.”