Builders merchanting and DIY group Grafton has signed new credit facilities with its lenders.

The company said the bilateral multicurrency facilities total £460 million and have a maturity date of May 2019.

The five-year revolving credit facilities will save the company up to £3 million per year, Grafton said, taking advantage of improved lending conditions .

“ The increased facilities provide Grafton with additional headroom as the group continues to execute its growth strategy,” the group said in a statement.