Stone Computers secures £17.5 million refinancing

Staffordshire IT business has secured a £17.5 million debt package in a deal part advised out of Birmingham.

Stafford-based Stone Computers has received the finance package from PNC Business Credit, with the help of a team of Birmingham-based advisers led by corporate finance advisory firm, Cattaneo.

Stone is an £85 million turnover supplier of IT solutions to the public sector, providing a range of hardware and software solutions and services to its customer base in education and, increasingly, local government, NHS, emergency services and central government customers.

The company, which is led by CEO Simon Harbridge and CFO Mark Audin, employs 200 people at its 100,000 sq ft assembly and distribution centre.

Stone appointed Cattaneo, whose team comprised Martyn Pilley and Sam Turton, to advise on the options for refinancing its debt facilities in order to support its exciting growth plan.

In turn, Drew Johnson, regional director at PNC Business Credit in the Midlands, structured an asset-based finance package to refinance the existing term loan and revolving credit facilities.