Appreciate agrees £15m RCF with Santander UK

Financial services business Appreciate Group, formerly Park Group, has agreed a new £15m revolving credit facility with Santander UK.

The company said on Monday that the measure was planned before the Covid-19 crisis and completes the bank financing exercise announced in the April trading update to accelerate medium- and long-term growth and invest in the switch to digital.

The new facility provides funding for a five-year term on an unsecured basis, with an accordion option to extend by a further £10m. Prior to this, Appreciate had not utilised bank financing.

Chief financial officer Tim Clancy said: "This new facility provides Appreciate Group with additional financial flexibility to deliver our strategy of driving sales of our higher margin products and investing in accelerating our shift to digital."