North-west grocer Booths has refinanced its £56m debt facility and extended its credit by a further £37m to support expansion.
The family business wants to grow its 26-store portfolio, starting with the opening of a store in Media City in Manchester which opens in October.
Booths executive chairman Edwin Booth said: “To secure the funding needed to build on my family legacy of hard work and ambition is very pleasing indeed. Booths has exciting times ahead as we look forward to welcoming many new customers through our doors. Achieving growth capital was critical in enabling us to pursue our strategy and we can now move forward at pace and with confidence.”
Nick Dodd, debt advisory director at KPMG, advised Booths on its refinancing. He said: “This deal is a great example of how a quality business can buck the trend of negative news from the retail sector and highlights the fact that there is liquidity in the banking market available to companies with a good credit story.”
The refinancing was provided by Royal Bank of Scotland, which has been Booths’ lender for over 100 years, and Lloyds Banking Group.