Tue, 06 Sep 2022 | BUSINESS NEWS
Digital transformation consultancy TPXimpact has secured a £30 million loan to support its acquisition strategy. The company has secured a Sustainability Linked Loan (SLL) from HSBC comprising a £20 million refinance and an additional £10 million revolving credit facility.
The revolving credit facility is linked to three sustainability objectives: reducing business CO2 emissions; enabling employees to volunteer in local communities; and improving gender and ethnic diversity and inclusion. HSBC has also made additional changes to make the financing more flexible, in order to suit TPXimpact’s growth requirements.
TPXimpact works with clients including not-for-profit organisations, large enterprises and public services to enable digital transformation. Moving forward, the company is adopting a UK-wide acquisition strategy that will see it target firms across different sectors to help it boost its services and capabilities.
TPXimpact Chief Financial Officer Oliver Rigby (pictured above) said: "For the past few years we've focused on building out our capabilities across the UK. Moving forward our M&A activity will focus on adding new sectors and services and bolstering the existing capability of our integrated operations.”
"This new facility from HSBC UK will provide us with the liquidity we need to target acquisitions that align with that strategy, while also reinforcing our bold commitment to our ESG values at the same time."
HSBC UK Relationship Director Chris Winter said: "TPXimpact has seen consistently strong growth over the past few years and we're delighted to support the business as it targets expansion into new sectors and services.”
TPXimpact becomes the third tech business to receive an SLL from HSBC UK. Winter added: "Choosing to secure an SLL shows that TPXimpact is committing to linking its core values to its spending decisions, and we expect to see increasing numbers of technology businesses following suit."
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