Co-op backs Hobbs expansion plans

THE Co-operative Bank has backed a £46.5m fundraising by fashion retailer Hobbs.

The London-based women’s fashion chain has raised £14m from existing investors 3i, while the Co-op and Barclays have provided £32.5m. 

Hobbs will use the money to develop its brand and open more stores in the UK and in international markets.

The funding from The Co-operative Bank was provided by the Manchester-based Syndicated Finance team led by senior manager Steve Jackson. 
 
Iain MacRitchie, Hobbs Chairman said: “We feel we are still at the start of the
journey and that there is significant growth potential for all our brands.

“With a significant capital expenditure program, we are now looking to increase our presence in key locations through extensions, relocations and new stores. Our plans will enable us to increase market share in the UK, through a multi channel and multi brand strategy and to build on our success in the Middle East to expand our International presence.”