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Vantis to cut debts.

LOSS-MAKING accountancy firm Vantis, which has three offices in the Tees Valley, has negotiated an extension to its debt facilities.

The taxation and business advisory specialist said the pounds 53.6m facility had been put back from January 31, 2011 to May 15, 2011. The company''s debt structure now comprises a termloan of pounds 19m and a revolving credit facility of pounds 34.6m -higher than the previous facility of pounds 33.1m.

Vantis said it remained focused on reducing its debt levels and has embarked on a cost reduction programme which it claims will achieve savings of pounds 5m per year. Net debt, excluding finance leases and loan stock totalled pounds 40.4m on October 31, 2009.

The company endured a torrid time in the recession, making a pre-tax loss (after exceptional costs and interest) of pounds 10.7m in the year to last October. That followed a pounds 6.5m loss in the year to April 30, 2009.

It posted a profit of pounds 8.4m in the year to April 30, 2008, before the effects of the recession began to bite.

The company employs more than 1,000 people throughout the UK -around 75 in Tees Valley -and offers a range of advisory services spanning accountancy, corporate finance, business recovery and asset finance.
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Title Annotation:Business
Publication:Evening Gazette (Middlesbrough, England)
Date:May 6, 2010
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