Original Factory Shop in growth drive
THE Original Factory Shop, the Lancashire-based retailer focused on small regional towns, is to open a host of new stores after sealing a funding deal.
The Burnley-based chain, has agreed a £35m deal with Barclays (£21m) and Allied Irish Bank (£14m) to open 15 new stores a year in the coming years.
It currently has 203 departmenrt shops nationally, offering well-known bransds at low prices. It says its expansion will swell its staff numbers from more than 2,800 by a “significant” proportion.
The funding deal led by Barclays includes £5m of additional working capital and £5m for capital expenditure.
Tony Page, chief executive said: “This is an exciting milestone in our growth strategy and there has already been a strong positive customer reaction to our strategic initiatives.
“The growth financing deal provides The Original Factory Shop with a stable funding platform from which to deliver growth, over the medium and long term, and the support of our banks is an endorsement of our strategic growth plan.”
Giles Barton, relationship director at Barclays added: “The business has proven resilient through the cycle and Barclays’ support has been very much based on our belief in the quality of the management team and the close relationship we have enjoyed over the years.”
To support a recent drive into fashion, the company last year appointed TJX Europe’s former vice president and European buying director Dean Argent as commercial director.
