N Brown secures £125m refinancing deal
MANCHESTER-based N Brown Group has agreed a £125m joint-bank refinancing deal to support its transformation into a totally digital business.
The multi-channel specialist-fit fashion retailer is evolving from a direct mail-led retailer to a digital first enterprise.
The company, which owns the Simply Be, JD Williams, Jacamo and High & Mighty brands, says its strategy is well under way with 63% of sales now online.
In order to support the transformation, the group says it is investing in its offer, its systems and its warehouse infrastructure.
The joint-bank deal has been supported by Royal Bank of Scotland and HSBC. N Brown has been a Royal Bank of Scotland customer since 1982.
Craig Lovelace, chief financial officer at N Brown, said: “To stay competitive in the retailing industry we have had to make sure our brands evolve and meet the needs of a wide customer base. This includes developing our online businesses and investing in new technology.
“RBS has been very pro-active in providing a funding solution which meets our long-term goals. It has a deep understanding of our business and worked with us and HSBC in providing us with a financing solution that gives us the flexibility to grow.”
Phil Derbyshire, relationship director at RBS, said: “N Brown continues to thrive in a competitive marketplace and the directors are very clear on what they need to do to support the group’s long-term growth plans.”
