Renold announced it has reach agreement for the extension of its core banking facilities that were due to mature in April 2024. The new, £85.0 million multi-currency revolving credit facility, will be increased from the previous level of £61.5 million. Additionally there is a £20.0 million accordion option which will allow the Company to access additional funding in support of its acquisition programme as part of the Group's STEP2 strategy.

The new facilities will be provided by existing banks HSBC, Allied Irish Bank (GB) and Citibank with the addition of Santander and are initially for a three year term, to May 2026, but contain an option to extend the term for a further two years.