Optare Plc keeps wheels in motion through Barclays refinance

The Optare Solo SR midibus model
Optare Plc, manufacturer of UK buses such as the Solo SR midibus (pictured) has just secured a £23 million refinance package through Barclays.

UK bus manufacturer Optare Plc has undergone a £23 million refinancing with Barclays.

UK bus manufacturer Optare Plc has undergone a £23 million refinancing with Barclays.

Previously based in the North West and now in Sherburn, North Yorkshire, Optare design, manufacture and sell single deck and double deck buses supplying Continental Europe, North America and further afield. The company employs more than 200 people and turnover just over of £70M.

The refinancing deal was arranged by Miles Rothbury, Global Corporates Director for Barclays Corporate Banking in Manchester.

Optare Plc CFO Ramesh Narasimhan, said since his company had been acquired by Ashok Leyland, plans had been put in place that required the right international banking partner to ensure things went smoothly.

“Miles Rothbury, Global Corporates Director for Barclays added: “A key priority for Barclays is delivering a full international banking service to our clients. The Optare deal is the first significant global corporate deal for Barclays in the Northern region and is a good example of the type of strategic and sophisticated transactions we are supporting.”