Castle Water agrees new four-year finance facilities
Castle Water has agreed new financing facilities, provided by Bank of Scotland, HSBC and Santander. The facilities are for a four-year term and include working capital facilities required to pay water charges in advance to water Wholesalers including Thames Water, Scottish Water, South East Water and Portsmouth Water.
Castle Water is the UK’s largest independent water retailer, serving over 300,000 business customers across England and Scotland.
John Reynolds OBE, CEO of Castle Water, said: “This refinancing places Castle Water in a strong position to continue to expand in the UK business water market, with a competitive cost of capital enabling us to continue to offer savings for our customers.
“With financial pressures causing problems for many other utility suppliers, it is important for our customers to know that Castle Water’s financial position is stable, that we have the financial capacity to support our strategy, with a highly credible bank group comprising Bank of Scotland, HSBC and Santander.”
Iolo Morris, Chief Finance Officer, added: “The terms of the financing reflect our strong financial position now the water market has been operating for nearly two years. Castle Water has carefully managed its credit risk, with around 80% of new contracts coming from the English public sector.”
Michael Timmins of EY, whose team undertook due diligence on the transaction, expressed their delight in supporting Castle Water and its entrepreneurial management team in the next stage of its growth: “Castle Water is a great example of a Scottish business successfully leading in the UK market.”
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