Andrew Leaitherland

This agreement will result in a secondary RCF of £15 million, in addition to the group’s existing RCF of £80m. The secondary facility, which will operate under the same terms as the group’s existing RCF, will remain in place for up to 18 months.

As a result of this additional facility, the group will have access to working capital facilities of £122m.

Andrew Leaitherland, group CEO at DWF, said: “Today’s announcement demonstrates DWF’s strong relationship with its lenders and we are pleased with their continued support. These actions will help to ensure we retain strong liquidity to navigate the challenges presented by COVID-19.

“We are well placed to deal with the current economic pressures through our resilient, counter-cyclical business model. While activity levels in some areas of our business have reduced due to COVID-19, we are beginning to see an increase in activity and revenue opportunities in other areas, including insurance. We continue to win new appointments, including to BT’s new legal panel, which will provide access to more complex work in addition to our Managed Services contract.

“We are also seeing a growing interest in our Managed Services offering, as clients take cost out of their business at this critical time. In addition, we have implemented our cost saving programmes which are anticipated to deliver a material benefit in FY21.”

DWF intends to release a trading update in the second half of May for its financial year ending 30 April 2020.