Clydesdale Bank and RBS provide broker’s new funding

London broker RK Harrison Group (RKH) has secured £30m in refinancing from Clydesdale Bank and RBS.

The new funding replaces RKH’s existing £23m debt facility.

The new revolving credit facility is a so-called club deal, with Clydesdale Bank and RBS both holding 50% of the funding.

Under a revolving credit facility, the borrower can draw down on the funds when needed, rather than receiving a lump sum.

Clydesdale Bank corporate baking team director Paul Hambrook said: “RKH has positioned itself as one of London’s foremost insurance brokers via a carefully targeted strategy of ongoing acquisition.

“The quality and breadth of the services the firm offers to the market across its four divisions have been instrumental in enhancing their reputation in the sector and we are pleased to be able to support them as they continue to realise their ambitions for the business.”