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Mears Group PLC secures £120m to refinance and support strategic growth and acquisition plans

The Gloucester-headquartered company, which is recognised as the leading social-housing repair and maintenance provider throughout the UK, employs more than 12,000 people and carry out over 3,000 repairs daily in communities from remote rural villages to large inner-city estates. Mears is also the U.K.'s fastest growing domiciliary care-services provider delivering almost eight million hours of care-services a year on behalf of 75 Local Authorities and Primary Care Trusts and to an increasing number of people who fund their own care-services.

Barclays and HSBC acted as joint mandated lead arrangers for the refinancing, with HSBC providing documentation coordination services and Barclays acting as facility agent, whilst continuing to provide clearing banking for Mears Group.

Chris Jones, Relationship Director, Barclays Corporate, Bristol, said: “We are very proud of our long term association with Mears which now extends over 20 years. During this period we have developed a close relationship with the management team and thorough understanding of their industry and markets and this has enabled us to further support the company with a finance solution that fits well with their strategic plans."

Tracey Roberts, HSBC Senior Corporate Banking Manager, West & Wales, said: “We are delighted to be broadening our relationship with this innovative and interesting business. Mears has established itself as one of the most successful businesses both within the region and across the UK despite operating in one of the UK’s most challenging sectors and amidst tough economic conditions. While the company already provides invaluable services to thousands of people every day, HSBC is looking forward to supporting its strong and dedicated management team in delivering on its wider growth plans.”

Andrew Smith, Financial Director at Mears, added: "We are pleased that our leading relationship banks have participated in the new revolving credit facility which will strengthen our financial position as we continue to take the Mears Group forward to meet our strategic goals."

Investec acted as debt advisors.