Moneysupermarket.com secures nine-figure refinance package

Moneysupermarket.com Group Plc, the Chester-based price comparison company, has today (December 17) announced a £100m revolving credit facility with Barclays and Lloyds Bank.

The deal boost’s the group’s existing credit facility from £50m to £100m, in addition to a further £100m for acquisition finance.

Moneysupermarket.com’s chief financial officer, Matthew Price, said: “We have put in place a competitive funding structure with two relationship banks and I would like to welcome Barclays to the banking group.

“The support of our banks in providing an increased revolving credit facility which gives additional headroom and is more flexible is a great vote of confidence and illustrates both the strength of our balance sheet and the quality of our asset base.”

He added: “This funding package will help underpin our strategy to grow the business in the years ahead.”

Commenting on the deal, Barclays Corporate Banking relationship director Andrew Meadowcroft said the bank has built a “strong strategic dialogue” with Mr Price over the years.

He explained: “The joined-up approach taken by our corporate, debt finance and investment bank teams, coupled with our appetite to support the group’s potential acquisition strategy, underlines the support we’ll be bringing to the relationship moving forward.”

Paul Foster, a relationship director with Lloyds Bank Commercial Banking, praised Moneysupermarket.com for the “experitise and ambition” of its management team.

He continued: “Having supported the business for more than eight years, through key milestones such as its flotation and acquisition of MoneySavingExpert, we are confident of its continued success in its next stage of expansion.”

Originally founded in 1993 as an offline mortgage industry intermediary, the MoneySuperMarket.com website launched in 1999. Today, the firm operates across three brands; MoneySuperMarket, MoneySavingExpert and TravelSuperMarket.

In October, the firm announced revenue growth of 14% despite strong competitor activity, pushing its Q3 earnings to £76.2m.