Trustmarque bags £19.5m refinance package from HSBC
'Banking facility to support next growth phase'
Fresh from its recent management buy-out, services-based licensing reseller Trustmarque Solutions has signed a £19.5m refinancing deal with HSBC.
The package was confirmed today a little over a month after top brass at the York headquartered Microsoft Licensing Solutions Partner inked a deal with new VC backer Dunedin to conclude the £43m acquisition.
"The HSBC team was able to provision a banking facility that will fully support the needs of the business as we enter the next phase of our development," said Trustmarque FD Vicky Godliman.
In the last financial year ended 31 August 2012, Trustmarque saw gross profit climb 15 per cent to £15.9m with services and solutions accounting for £7.1m of this.
This was on the back of a 15 per cent sales spike to £131.3m, for those wanting to count the revenues for vanity sake.
The end game for Trusmtarque, and many channel players, is to become less and less reliant on vendor product sales by building a beefier services practice.
Trusmtarque said its public and private sector clients include Capita, Fujitsu and Cap Gemini, the NHS, Ministry of Defence and other local authorities and central government agencies. ®