Member Article

Optare announce £23 million refinance with Barclays

Optare Plc, the North Yorkshire bus and coach manufacturers, have announced £23 million refinance and switch to Barclays from HSBC.

Previously based in the North West and now in Sherburn, Optare design, manufacture and sell single deck and double deck buses.

They have customers in Europe, North America and internationally. The company employs over 200 people and has a turnover north of £70 million.

The deal was arranged by Miles Rothbury, Global Corporates Director for Barclays Corporate Banking.

Ramesh Narasimhan, CFO, Optare Plc said: “Since Optare was acquired by Ashok Leyland we have a plan that required a strategic banking partner, with a global presence, a quality cross border relationship model and the willingness to back a plan by providing competitive banking facilities.

“Barclays has demonstrated all these features and we look forward to working with them into the future as we build the business in the UK and beyond. We consider them our ‘Go-To’ banking partner.”

Miles Rothbury, Global Corporates Director for Barclays added: “A key priority for Barclays is delivering a full international banking service to our clients.

“The Optare deal is the first significant global corporate deal for Barclays in the Northern region and is a good example of the type of strategic and sophisticated transactions we are supporting at Barclays.

“We want to do more business with the international subsidiaries of our global clients and a local understanding of a global organisation is a strong place to start.”

Optare’s parent company, Ashok Leyland, part of the Hinduja group, is ranked in the top 5 global bus manufacturers, and the company itself are heavily involved in the development of hybrid technology and alternative fuel options.

This was posted in Bdaily's Members' News section by Clare Burnett .