Daily News: February 10, 2017

Barclays, RBS Support Adept Telecom Buy


Barclays Bank and the Royal Bank of Scotland provided a £30 million ($37.4 million) five-year revolving credit facility to Adept Telecom.

The new, larger facility is provided by both lenders on an equal basis and will be used by the company to fund acquisitions. It replaces the previous £15 million ($18.7 million) facility from Barclays.

Adept Telecom also acquired IT Department, known as OurIT, and its trading subsidiary Brightvisions for £4.75 million ($5.9 million), plus an earn out of £3.75 million ($4.7 million).