Warrington-based book maker Betfred has completed a £195m refinancing with its banking partners.

The transaction refinances its existing debt facilities and funds the £55m acquisition of 322 betting shops from the Ladbrokes and Gala Coral Group merger.

The senior debt package has been provided by a four-bank club comprising RBS, Barclays, Lloyds Bank and Yorkshire Bank.

The business recorded revenues of £10.4bn and EBITDA of £56.4m for the financial year ending September 2015.

KPMG’s debt advisory team in Manchester advised the company on the deal. Richard Capper from Hill Dickinson provided legal advice to the business, while the bank club was advised by Matt Christmas of DLA Piper.

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