17th Feb 2016 08:04
LONDON (Alliance News) - Synety Group PLC said Wednesday it has agreed a loan facility with Barclays PLC of GBP900,000, which it will use for its growth plan and general working capital.
Synety provides cloud-based telephony software and services.
The loan has a fixed two-year term; as per the terms of the loan GBP500,000 will be drawn down at the beginning of March, with the balance to be drawn at any time within the next six months.
Interest on the loan is set on a 'base rate plus' basis, the company said, at 8.7% base rate, and is payable quarterly.
"We're delighted to announce this credit facility with Barclays. As per our recent trading update, the company had net cash of GBP1.58 million at our year end and this facility now gives the company further capacity for its growth strategy going forward," said Chief Executive Simon Cleaver in a statement.
Synety shares were up 1.5% to 67.5 pence just after the open on Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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