Wincanton has successfully refinanced its main banking facility, securing a new five-year term through to June 2019.

The operator, which revealed its pre-tax profit had more than doubled in its annual results earlier this month, said the refinancing comprises a new £170m facility with improved pricing for the group.

Wincanton’s facility is provided by HSBC, RBS, Barclays, Lloyds and AIB. Taking into account the group's other financing arrangements, Wincanton has committed facilities available of £300m in total.

Adrian Colman, group finance director, said: “This refinancing provides a strong platform to support growth over the next five years and considerably extends the maturity profile of the group’s debt. We would like to thank our banking partners for their continued support.”

In the twelve months ended 31 March 2014 the operator’s net debt was reduced to £64.9m from £107.6m.

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