£1bn funding deal in the bag for Frasers Group
Frasers Group, formerly Sports Direct, has refreshed its bank loan facilities and secured nearly £1bn as part of the largest funding package to be secured in the British retail sector this year.
The firm, which is headquartered in Shirebrook, will be able to access credit facilities and a term loan totalling £930m to support its growth ambitions.
Frasers Group, which includes Sports Direct, House of Fraser and Jack Wills, among others, is on an ambitious elevation strategy and continues to invest significantly across its portfolio of retail fascias and digital platforms, with the vision to serve consumers with the world’s best sports, premium and luxury brands.
Jointly led by HSBC UK and backed by several other lenders, the deal refinances £913.5m of existing loan facilities and adds £16.5m in new funding.
It is the largest bank funding package to be secured in the British retail sector this year.
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.”
Richard Bacon, relationship director at HSBC UK, added: “The retail sector is undergoing immense change and it is crucial for retailers to have the capability and flexibility to evolve. Frasers Group has a clear plan in place and this substantial package is evidence of our support for, and confidence in, its future direction.”
