Central Trust PLC agree terms on new £90million revolving credit facility with RBS and National Australia Bank
January 2010
Central Trust PLC the Norwich-headquartered independent financial services company has announced that it has agreed terms on a new £90million revolving credit facility with The Royal Bank of Scotland (“RBS”) and National Australia Bank (“NAB”). The new facility provides the company with funding to support its ongoing operations as well as providing additional funding to support future growth plans for the company. Central Trust was established in 1988 and operates from three principal locations across the UK - in Norwich, Redditch and Watford. It has helped over 300,000 people throughout the country to source a finance solution specific to their individual needs. Amongst the portfolio of services it provides are mortgage broking and lending, secured loan broking and lending, general insurance and debt management plans, including individual voluntary arrangements. The company is the largest independently owned specialist financial services broker in the UK. Speaking of the new credit facility and the implications for the business, Executive Chairman of Central Trust PLC, Andrew Turner said: “We are delighted to have secured this new funding facility from RBS and NAB. It is a testament of our business model, our reputation and resilience in these tough economic times. It is also an endorsement of the strength of proposition that we create for our customers and their requirements.” “The new funding puts us in a very strong position for 2010. It allows us to invest further in the development of a wider product range, and provides the financial platform that we believe will allow us to take advantage of the predicted improvements in the economy as they come through later in the year,” Kieran McSweeney, Director, Structured Finance, Corporate & Institutional Banking at RBS added: “Central Trust has established itself as the largest and most highly respected independently owned financial services organisations in the country. Despite tougher trading conditions it continues to flourish, reflecting the diversified income stream model the company has established and we have provided funding to support its strategy for growth and help expand the product proposition it has in mind for its customers.” Greg Elswood, Director, Specialised Group Assets at NAB commented: “Central Trust has been a good customer of National Australia Bank for a number of years, and we are delighted to continue our support for the company. Andrew Turner and his team have managed difficult markets well, and the new credit facility will help to support Central Trust’s growth plans and the next stage of the company’s development.”
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