Footasylum is ramping up its store expansion plans for the UK after extending its revolving credit facility from £35m to £60m.
The multi-brand retailer said the additional facility from HSBC will support the next phase of its roll-out programme, with new locations secured in Leeds, Glasgow, and Merthyr Tydfil.
Footasylum will expand the size of its Manchester Arndale store by 80% to 17,758 sq ft, while its Manchester Trafford location will double in footprint to 17,178 sq ft.
The new store openings and upsizes are expected to create over 80 new jobs.
The funding will also be used to upgrade the operational efficiency of the retailer’s 280,000 sq ft warehouse in Middleton, Greater Manchester.
Footasylum chief financial officer Nick Scott said: “This funding from HSBC UK marks a significant milestone in our growth journey as we continue to expand our footprint across the UK.
“This expansion programme will strengthen our ability to deliver best-in-class customer service, while scaling the availability of our highly popular ranges across multiple channels, including in-store and online.
HSBC UK senior global relationship director Zubayr Atcha added: “It’s fantastic to support Footasylum with another ambitious phase of its growth strategy, as the business continues to deliver a wide range of products to its customers.
“Footasylum is a leading force within the UK retail sector, and remains fully committed to investing in the high street despite a challenging consumer environment. We look forward to seeing how this funding package supports the future success of the business.”
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