Business
New £10m Banking Facility
New £10m Banking Facility.
About this update from Iomart Group Plc
[{"type":"text","content":"\n RNS Number : 9028M Iomart Group PLC 02 June 2010 \n \n\n02 June 2010\nEmbargoed for 07:00\n \niOMART GROUP PLC\n(\"iomart\" or the \"Group\")\n \nNew £10m Banking Facility with Lloyds Banking Group\n \n \niomart Group plc (AIM:IOM), the managed hosting and cloud computing services company, today announces that it has agreed a £10 million credit facility with Lloyds Banking Group. This facility will assist iomart in its strategy to grow its managed hosting business through a combination of acquisitive and organic growth. \n \nAngus MacSween, Chief Executive Officer of iomart Group plc, commented on the Group's growth strategy, \"Having also today announced the Group's results for the year ended 31 March 2010, one can see that iomart is in a strong position from which to grow. The balance sheet is sufficiently strong to fund our business plans with the additional facility ensuring we are well placed to take advantage of acquisition opportunities as and when they arise. \n \nThe acquisition of RapidSwitch in May 2009, funded by the proceeds of the sale of a non-core business to BT in July 2008, has proven a success and immediately earnings enhancing. We therefore plan to execute on our strategy by acquiring further complimentary hosting businesses in order to drive both growth and profits.\"\n \nAngus MacSween further commented on the agreement with Lloyds, \"Lloyds Banking Group has proven to be extremely supportive of our business goals over the years, and we have developed a long-standing relationship with the bank.\n \n\"Lloyds has witnessed our maturing as an organisation, overseen our period of investment in our data centres and network, and, has seen us build a solid credible reputation for good service within our chosen markets. We are making strong inroads into the relatively new cloud computing space and we intend to capitalise fully on our proven capabilities and innovation in this fast growing and exciting market. Lloyds has been impressed by what we have achieved to date and through this new facility further demonstrate their confidence in iomart executing on its strategy to become the market leader in the UK.\"\n \nGraham Silcock, Relationship Director in Glasgow & the West for Lloyds Banking Group's corporate markets division, added: \"The provision of an acqu...