Fashion specialist All Saints has sealed a £30m funding deal from Lloyds TSB Corporate Markets, Retail Week can reveal.
All Saints was one of the retailers affected by the Icelandic banking collapse and demise of former backer Baugur. The new package replaces funding previously provided by Landsbanki.
The deal includes term, revolving credit and trade finance facilities that will allow All Saints to expand domestically and internationally.
All Saints chief executive Stephen Craig said the business was doing well, despite tough trading conditions. Like-for-likes are ahead 31 per cent in the year to date.
Craig said: “Completing this deal strengthens our financial foundations and gives us a great platform from which to develop, innovate and expand. We’ve got ambitious plans and the bank’s support is a major step forward in helping us realise these.”
Lloyds TSB Corporate Markets relationship director Charles Lamplugh said: “As an extremely well-run business with a solid management team, it’s great to see how All Saints has bucked the trend.
“There’s no doubt that this has been an extremely tough year for retailers in general, particularly in securing access to funding, but this deal demonstrates that we’re keen to support well-managed businesses.”