New money will allow company to focus on growth opportunities

Steve Burrows Cobra

 

Broking group Cobra has completed a £6.9m debt refinancing with Clydesdale Bank.

The company said the refinancing would allow it to focus on future growth opportunities.

Cobra chief executive Stephen Burrows said: “Working with Clydesdale Bank has been surprisingly straightforward. Their knowledge of the insurance sector has allowed Cobra to refinance in a beneficial manner, without the need to explain the basics.

“We are now in a strong position to continue our future plans and concentrate on expanding our retail base across the UK.”

Clydesdale Bank senior director for specialist and acquisition finance Paul Hambrook added: “Since the management buy-out in 2012, Cobra has sought to develop its service offering to give it that competitive edge.

“We were able to respond quickly and with a funding arrangement which suits the needs of the business now and with the flexibility to respond to future opportunities. We are looking forward to working with Stephen and his team on the next stage of their growth.”

Cobra was bought by Alto, a company set up by Burrows, in 2012.

The broking group’s total debt for the year ended 31 March 2014 was £9.8m. The company was aiming to reduce its debt by £0.5m a year.