Eagle Eye agrees £2m extension to Barclays facility

Eagle Eye Solutions Group has agreed a £2.0m extension to its existing facility with Barclays Bank, it announced on Thursday, resulting in the company now having a £5.0m revolving credit facility available until 30 June 2020.

The AIM-traded firm said it had demonstrated its ability to both win and deploy significant Tier 1 contracts over the last 12 months with Loblaw in Canada going live, the deployment of the AIR platform to deliver improved digital customer marketing for John Lewis, and extending services with its other Tier 1 customers.

It said the funds available through the new facility would strengthen its balance sheet as it “deepened” relations with existing Tier 1 customers, and explored opportunities with new ones both nationally and internationally.

“I am pleased by Barclays' confidence in our growth prospects,” said chief executive Tim Mason.

“Over the last 12 months we have made significant improvements to our product including the addition of the digital wallet to our loyalty offering, allowing all available data relevant to a single customer to be held in a single 'digital container'.

“As the loyalty market moves to meet increasing customer expectations of personalisation we are well positioned to exploit the major growth opportunities open to our business both in the UK, and internationally with this innovation.”