Home shopping group Findel has secured extra funding to invest in its growing Express Gifts catalogue business.
Findel has increased its securitisation facility from £105m to £130m.
Findel group finance director Tim Kowalski said: “Express Gifts, our largest business, has delivered strong year-on-year growth throughout our turnaround, underpinning the recovery of the group.
“This increase in the securitisation facility provides a more appropriate source of funding for Express Gifts to continue this growth. This change reflects continuing progress in restoring our lenders’ confidence in the group’s financial position. We are grateful for the ongoing support from HSBC and our other lenders.”
Findel said the extension of the facility will also enable the group’s core net debt to reduce quicker.
At the end of December 2013 Findel’s net debt was £224.3m, a fall of £19.8m since December last year.