Leading corporate bank backs Charlie’s

11 May 2006

Leading corporate bank backs Charlie’s

Premium beverage company Charlie’s Group Limited has reached agreement with ANZ to provide all banking facilities required for day to day operations and to underwrite future growth.

Chief Executive Officer Stefan Lepionka said ANZ understood the Charlie’s business proposition and was enthusiastic to be part of it.

“It is our anticipation that the flexible financing facilities provided in the agreement will meet all our funding needs in the medium term, including acquisitions, growing distribution and plant expansion.”

Earlier this year Charlie’s Group acquired the Phoenix Organics Group. It has also signaled that it may make further acquisitions to expand its beverage offering in New Zealand and Australia.

Prior to the agreement with ANZ, Charlie’s Group was ungeared and funded growth with shareholder’s equity.

“We are delighted to have the involvement and support of the leading provider of corporate banking services in New Zealand,” Mr Lepionka said.

ANZ Head of Corporate Banking Ross Verry said the bank was thrilled to become the primary banker for Charlie’s Group.

“We believe Charlie’s is an innovative and dynamic company with a strong market position and exciting prospects.”

ENDS

© Scoop Media