Clydesdale and HSBC agree £38m loan facility for Waterlogic

Waterlogic, the Aim-quoted maker of water dispensers, has agreed a five-year $60 million (£38m) credit facility with Clydesdale Bank and HSBC.

The company, which earlier this year boosted its presence north of the Border with the takeover of Perth-based Aqua Cure Scotland for an undisclosed sum, said that the facility was one of the last conditions needed to seal the acquisition of Australian rival Cool Clear Water.

Waterlogic chief executive Jeremy Ben-David said that the £38m deal, agreed last month, is expected to be completed in the near future.

He added: “We are very pleased to welcome such prestigious banking partners and see this as a fantastic illustration of support for the Waterlogic Group. These new facilities reflect the banks’ confidence in the group’s strength and strategy going forward.”

Waterlogic also announced that it has appointed John Skidmore, previously of facilities management company PHS, as its new chief financial officer.

PHS was taken private in 2005 in a £730m deal with private equity firm Charterhouse, which also owns a stake in Wood Mackenzie, the Edinburgh-based energy and metals research group.

Ben-David said Skidmore’s “record in the sector and his breadth of industry knowledge, PLC experience and strategic insight will be of immense value”.