Education and travel group Holidaybreak has completed a £230 million refinancing deal.
The company’s new three-year debt facility was agreed with Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland and Santander. All banks were existing lenders to the group except for Santander, which has joined the syndicate.
Holidaybreak provides outdoor education and adventure trips for school children in the UK and Europe through a number of subsidiaries including Meininger and PGL. Last summer, the company was bought for £312 million by Indian travel firm Cox & Kings.
Commenting on the refinancing, finance director Neil Bright said: “We are pleased to have put in place a competitive funding structure with a strong group of relationship banks who have supported the company for many years. This has enabled us to establish the required facilities to support our continued growth.”
Law firm Eversheds, led by partner Nigel Dale and assisted by Amy Fairfoull, advised Holidaybreak on the deal. Dale commented: “Holidaybreak is a valued and longstanding client of the firm, who we have assisted on a number of major transactions over the years. This refinancing shows that, notwithstanding the lack of liquidity in the marketplace, banks will support good businesses which are run by strong management team."