// Frasers Group has refinanced nearly £1bn of bank loan facilities
// Owned by Mike Ashley, the retail empire has secured the largest retail deal of 2021
Frasers Group has refreshed its bank loan facilities and secured nearly £1bn as part of the largest funding package to be secured in the British retail sector this year.
The new facility – which is valid for three years – will provide Mike Ashley’s retail empire with access credit facilities and borrowing totalling £930m, to support its ongoing growth ambitions.
The growth plans will see Frasers investing significantly across its portfolio of retail fascias and digital platforms, with the vision to serve consumers with the world’s best sports, premium and luxury brands.
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Jointly led by HSBC UK and backed by several other lenders, the deal refinances £913.5m of existing loan facilities and adds £16.5m in new funding.
“Partners like HSBC UK will allow us to continue with our commitment to the UK high street and retail sector,” said chief financial officer at Frasers Group, Chris Wootton.
Wooton added that the group would be “investing significantly into the future with our on-going elevation strategy that fuels our long-term growth.”
“The retail sector is undergoing immense change and it is crucial for retailers to have the capability and flexibility to evolve,” added Richard Bacon, relationship director at HSBC UK.
“Frasers Group has a clear plan in place and this substantial package is evidence of our support for, and confidence in, its future direction.”