Renold announces extension of financing facility

Manchester-based Renold, an international precision engineering group, has extended its financing facility with a banking consortium led by Royal Bank of Scotland Corporate & Institutional Banking through to June 2013.

The £35m funding package, which is also supported by Fortis, will be used by Renold to fund working capital as well as the company’s successful international expansion strategy, and will act as a springboard to a wider refinancing when market conditions are calmer.