Oxford Instruments plc, a market leader in providing high-tech
tools and systems for research and industry, has secured a
£50m refinancing package backed by Yorkshire Bank Corporate
& Structured Finance in the Midlands.
The funding will replace the company's existing credit
facilities and provide working capital and finance for any future
acquisitions. Yorkshire Bank is part of a 'banking club' that also
includes HSBC and Santander.
Oxford Instruments was founded by Sir Martin Wood in 1959 and
was the first commercial spin-out company from Oxford University.
The company created the world's first superconducting magnet which
led to the development of MRI instrumentation, and changed the face
of medical diagnostics.
Based in Abingdon, Oxfordshire, it is now a worldwide business,
supplying diverse markets which include industry, energy, the
environment, health and research. Its expertise includes the
creation of low temperature and high magnetic field environments;
X-ray, electron and optical based metrology; nuclear magnetic
resonance, and advanced semiconductor processing technologies.
Oxford Instruments has over 25 offices and factories in Europe,
the USA and the Far East and employs over 1,250 worldwide. It
floated on the UK stock exchange in 1983 and has a market
capitalisation of over £300 million. Turnover for the year to
the end of March 2010 was £211 million.
The Yorkshire Bank team was led by Peter Corcoran, corporate
area director with Corporate & Structured Finance in
Birmingham, and corporate director Jamie Stuart.
Kevin Boyd, CFO Oxford Instruments said: "We are pleased to
welcome Yorkshire Bank into our banking club. I have been
particularly impressed by their professionalism and speed of
response and look forward to developing our relationship in years
to come."
Peter Corcoran added: "We are delighted to support a growing
high-tech business with an excellent track record. Oxford
Instruments has a global reputation for providing the scientific
and technology sectors with the tools to support their work. Having
undergone a successful efficiency programme and exceeded its
targets for organic growth, the company is well placed to exploit
the opportunities which exist in its chosen markets. The new
facilities will support this growth programme in addition to the
ongoing requirements of the business."