Shareholders of consultancy firm, WYG, have given the company a vote of confidence in favour of the company's proposed refinancing at yesterday's extraordinary general meeting.

Over 95% shareholders voted through the proposals, which will secure the financial future of the company and save around 2,700 jobs.

Speaking after the meeting, Paul Hamer, Chief Executive, WYG Group, said: "We are absolutely delighted that through this challenging period our lenders, shareholders, clients and staff have continued to support us and believe in the future success of the business.

-- Advertisement --

"Upon completion of the refinancing we will have significantly reduced the level of the Group’s debt, created a stable, long term financial future for the company, secured around 2,700 jobs and provided renewed confidence to our clients."

WYG’s banks will convert some £53m of debt into equity and provide new lending facilities totalling £58.25m and €38m of committed bonding facilities.

60.5 % ownership of the company will transfer to the banks, 24.5 % to staff and management and 15 % to existing shareholders.

WYG Ireland, part of the WYG Group, is an international multidisciplinary consultant, delivering engineering, environmental, planning and surveying, and project management solutions.

(NS/GK)