TalkTalk has secured a £100m capital injection from existing backer Ares Management.
The new facilities have been arranged in conjunction with a number of other actions, including approximately £50m of non core asset sales recently announced and amendments to existing debt facilities allowing interest to be capitalised, that will together enhance the group's funding capacity by over £200m.
The new funding will be used to strengthen the group's working capital position and support investment in its two businesses, PXC and TalkTalk, according to James Smith, TalkTalk Group CEO.
He said: “We have already made significant progress in simplifying the way we run the business and deliver our services. The new investment will enable us to accelerate with confidence the next phase of new product delivery, automation and improved customer experience across both our wholesale and consumer businesses.”
TalkTalk recently hired Alvarez &Marsal as advisors to assists with its finance function.
