Costcutter agrees £35m refinancing deal

COSTCUTTER has signed a £35m refinancing deal with Barclays as it looks towards business growth.

The York-headquartered supermarket group said the three-year term of the refinancing will support both business growth and the current transition period following the announcement in March that the group entered a strategic partnership with food and drink wholesaler Palmer and Harvey.

This has seen the businesses launch a joint venture buying company, bring the 800 Mace, Your Store and Supershop stores into Costcutter group.

Bob Marshall, financial director of Costcutter Supermarkets Group, said: “Having the support of Barclays for the next three years as the business manages the current period of transition and embarks upon its growth strategy is very positive.”

Ben Andrews, key client director at Barclays, said: “Costcutter Supermarkets Group 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 consistent performance of the business.”