N Brown Group to become digital-first company with £125m deal
N Brown Group plc is set to drive its growth strategy with a new £125m joint-bank refinancing deal.
The multi-million pound agreement, struck with the Royal Bank of Scotland (RBS) and HSBC, will see the Manchester-based multichannel fashion retailer shore up its efforts to move from being a direct mail-focused retailer to a digital-first group.
Craig Lovelace, the CFO at N Brown, which operates the JD Williams, Jacamo and Simply Be brands, 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.”
He continued: “Royal Bank of Scotland has been very pro-active in providing a funding solution which meets our long-term goals.
“They have 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.”
The firm’s efforts to become a digitally led company are already well underway, with almost two thirds (63%) of sales now online.
Phil Derbyshire, a relationship director with RBS, commented: “I was delighted to support N Brown on this deal which supports the group’s long-term growth plans.
“The business 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. I wish the business every success for the future.”
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