Frasers Group secures funding deal worth nearly £1bn
Fast-expanding Frasers Group has secured nearly £1 billion in fresh funding, with the deal becoming the largest support package in the UK retail sector this year.
The retail group, whose portfolio includes Sports Direct House of Fraser, Jack Wills and high-end fashion retailer Flannels, among others, will be able to access credit facilities and a term loan totalling £930m to support its ambitious growth plans across online and stores.
That said, the £1 billion isn’t completely new money. Jointly led by HSBC UK and backed by several other lenders, it actually refinances £913.5 million of existing loan facilities and adds £16.5 million in new funding.
Frasers Group’s growth strategy and continues to invest significantly across its portfolio of retail fascias and digital platforms.
The company has been one of the most active in UK retail of late as far as store openings are concerned and has put major support behind its Flannels chain in particular, with new, large and experiential luxury stores.
Chris Wootton, CFO at Frasers Group, said: “Partners like HSBC UK, will allow us to continue with our commitment to the UK high street and retail sector – investing significantly into the future with our on-going elevation strategy that fuels our long-term growth.”
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