Clydesdale backs £110m refinancing of global PR group

Huntsworth plc, the global public relations and healthcare communications business, has undergone a £110m refinancing backed by Clydesdale Bank Corporate & Structured Finance.

The funding will replace Huntsworth’s existing £90m facilities and provide it with funds for further growth. Clydesdale is providing £35m as part of a three-bank ‘club’ which also includes Lloyds Bank and RBS.

Huntsworth’s strategy is to grow and develop a world-class global public relations and integrated healthcare communications group built around four core consultancy brands: Citigate, the leading financial brand; Grayling, the world’s second largest independent public relations consultancy; Huntsworth Health, integrated healthcare communications specialists; and Red, one of the leading multi-specialist public relations consultancies. The group operates from 70 offices in 31 countries and reported revenues for 2010 were up 11.1% at £173.6 million.

The Clydesdale team was led by directors Tony Tozzi and David Hayers from Corporate & Structured Finance in London. Tony Tozzi said: “Huntsworth contains a number of market-leading and award-winning brands and is well positioned to build on its success following its recent rebranding exercise.”

Tymon Broadhead, Group Finance Director of Huntsworth, said: “We are delighted to have Clydesdale in our banking group. David and Tony demonstrated a thorough understanding of our business and funding requirements, and we look forward to working with them over the coming years.”