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14 Jan 2008
VAR Redstone looks set for further big-ticket acquisitions after successfully boosting its fixed borrowing limit from £25m to £100m.
Shareholders voted to quadruple the voice and data specialist’s potential warchest at an extraordinary general meeting today, as detailed in a circular sent out in December.
Redstone said the move would “enhance its ability to respond to consolidation opportunities”, and was “appropriate in the light of the company’s recent growth”.
Recent purchases helped Redstone to more than double its interim turnover to £96.6m on an annual comparison. The VAR recently admitted at the time that its search for acquisitions was being hampered by owners overvaluing their businesses (CRN, 10 December).
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