Jelf moves to clear debts

The Jelf Group has entered into new senior debt facilities of £24m over five years.

Jelf said the new facility, provided by a small group of lenders, replaces the existing facility in full.

In a statement, Jelf said: "The repayments are matched to the projected cash flows of the business. The group continues to enjoy a positive start to the year and has agreed to reduce its net debt through operational cash flow and by other means as soon as practicable."

Companies House records show that the consolidator also owes £12.5m over the next four years in deferred payments. It’s overall debts are around £33m.

The payments have to be made to the vendors of a clutch of broking businesses bought by Jelf at the top of the economic cycle in 2007.

Last year, it was thought private equity backers 3i were keen to divest their 27.9% stake in the Bristol-based firm.