Convenience store retailer Nisa has secured £100m of refinancing from Barclays as the grocer’s sales continue to surge.

The member-owned franchise operator has secured the funds to reflect its expanded business model and plans for growth after rapid expansion in recent years.

The 3,750-store retailer has doubled its sales to £1.5bn in the last five years as the convenience grocery market has boomed.

Nisa Retail Limited finance director Simon Webster said: “We’ve completely overhauled the funding structure to reflect and support the significant growth that the business has experienced over the last five years.

“The new funding from Barclays will allow us to plan future growth with confidence and provide the flexibility with the potential to actually reduce our associated funding costs.”

Barclays relationship director Graham Holland said: “The last four years have been a dynamic time for Nisa with significant growth despite the economic and market conditions. The management team impressed us with their strategic growth plans and we were able to agree a multi- product solution which will assist them in their next phase of development.”