Kromek expands credit facility by £3M with HSBC
What's the deal? Kromek, a Sedgefield-based detection technology developer, has secured a £3 million ($3.96 million) expansion to its revolving credit facility with HSBC. The increased facility will support working capital requirements, the company said.
What's the endgame? Chairman Rakesh Sharma said the extension would support working capital "and, in particular, our growth in advanced imaging."
Why now? Kromek paired the financing with board changes. Chris Wilkes, a non-executive director since 2017, will retire, while Jane Pearce joins as a non-executive director and chair of the Audit Committee following the AGM.
Pearce previously worked as a technology equity analyst and equity strategist at banks including HSBC, Lehman Brothers, and Nomura InternationalDealroom has a profile for this one. Try Dealroom →. She currently chairs Morgan Stanley Investment Management LimitedDealroom has a profile for this one. Try Dealroom → and sits on several other Morgan Stanley boards.
Sharma thanked Wilkes for his "contribution and guidance over the last nine years" and welcomed Pearce for her "significant financial markets as well as corporate governance experience."
The signal: The expanded facility gives Kromek added balance-sheet flexibility as it pushes further into advanced imaging, pairing fresh capital with a board refresh weighted towards financial markets expertise.
Read more: insidermedia.com
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