Wincanton continues to cut debt

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Wincanton has said that it continues to trade in line with expectations. In its interim management statement for the past three months it said the performance of the UK and Ireland economies has remained consistent with that experienced in the second half of the prior year.

On 19 June, the Group announced the refinancing of its main banking facilities for a further five years. The refinancing comprises a new £170 million facility providing the Group with committed facilities of £300m in total.

Eric Born, Chief Executive said: “We have now developed a solid platform and will continue to progress along our path to focus on renewals, new contract wins, operational excellence and free cash flow generation to reduce our overall debt position.”

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