Syscap Holdings Limited has negotiated a
series of new debt packages in the wake of continuing recessionary-
related difficulties at the IT lessor.
Last month, Syscap agreed with Royal Bank of
Scotland an £8.3 million senior debt facility, a revolving credit
worth £13.6 million and a £500,000 overdraft, according to latest
public accounts filings.
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As well as having received confirmation of
continued financial support from the directors of AnaCap, a private
equity fund which owns major stake in Syscap, the lessor has also
in recent weeks negotiated fresh wholesale finance facilities with
ING Lease UK and Aldermore Bank.
Syscap, which saw its staff headcount tumble
from 116 in 2008 to 71 at the end of its last financial year,
suffered an £8.2 million pre-tax loss during its financial year to
March 2009 and a 20 percent decline in new business between March
and December of last year.
A reduction in operating expenses, however,
following a restructuring of the company last year meant that
during the last nine months of 2009 Syscap’s EBITDA improved YoY by
30 percent.
Mark Gidge, its chief sales officer, is
understood to have left the company in recent weeks.
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By GlobalDataBrendan Malkin
