Cohort renews, expands banking facility

Technology company Cohort has completed a renewal of its banking facility, it announced on Tuesday.

The AIM-traded firm said the new and increased facility was for a total of £50m, and would run for three years to July 2025, with options to extend it for a further two years to 2027.

It said the terms were “broadly similar” to those of the previous £40m facility, which was due to expire in November.

The new facility would provide for an initial £35m to be drawn, with an accordion option for a further £15m.

Cohort said the syndicate of banks providing the facility had also been extended, with the addition of Commerzbank to NatWest and Lloyds.

“The facility provides the group with a flexible arrangement to draw down for acquisitions and overdraft,” said finance director Simon Walther.

“The addition of Commerzbank gives us provision for banking instruments, such as bank guarantees, in Germany where our subsidiary ELAC Sonar is located.”

At 1550 BST, shares in Cohort were up 3.86% at 538p.

Reporting by Josh White at Sharecast.com.