Lakeland rebanks and goes for growth
FAMILY-owned kitchenwear retailer Lakeland has signed a £16m funding deal to expand its physical and online presence.
The £166m turnover company which has 68 stores and is based in Windermere, Cumbria, has agreed a £16m revolving credit facility package with The Royal Bank of Scotland, which has replaced Barclays as the company’s lender after a competitive tender.
Bob Granger, retail and finance director of Lakeland said: “As one of the UK’s home shopping pioneers with half a century of experience under our belts, Lakeland offer an unrivalled collection of creative kitchenware, practical ideas for the home and garden, and inspiring gifts from all over the world.
“We are focused on expanding our range with innovative products and meeting increased demand. With this in mind we have built a strong platform for further UK and international expansion.
“We have developed a close relationship with RBS over a number of years, and have been impressed by their service, attention to detail, responsiveness and by their interest and enthusiasm for our business.”
Lakeland, whuch has recently invested in expanding its distribution centre in Kendal, is run by brothers Sam, Martin and Julian Rayner whose father Alan Rayner started the business.
Sue Stratton, relationship director at RBS added: “I am delighted to bring Lakeland’s borrowing on board. They are a well established and respected family business with a great track record of success.
“The revolving credit facility has been committed for five years and we are confident it will help them shape the future growth of the business. We look forward to working together for many years and continuing to develop the banking relationship.”
