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Provider of software and IT services to the multi-channel retail and manufacturing markets in UK & Ireland, Sanderson, has changed its lenders, securing a £7.4m, 4-year facility, and a £1m working capital facility, with HSBC. The £300k annual savings will be offset this year by a £400k P&L charge to make the move from RBS. All good stuff, but if I had but one small nit to pick, it’s that the charge will be recorded as ‘exceptional’, whereas I see nothing ‘exceptional’ about financing the operations of a business. But that’s just me being picky.
Sanderson chairman, Chris Winn, reported that they are still on track to make the FY numbers (excluding the finance charge) despite “nervousness and challenging conditions on the high street”. Sanderson held pretty much steady in H1 (see Sanderson keeps business on an even keel), but has been building the order book with projects scheduled for H2 implementation.
