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Frasers Group secures fresh funding to support expansion

By Huw Hughes

3 Dec 2021

Business

Image: Frasers Group

Frasers Group has refinanced 930 million pounds in bank facilities as part of its ongoing elevation strategy.

Jointly led by HSBC UK and backed by several other lenders, the deal refinances 913.5 million pounds of existing loan facilities and adds 16.5 million pounds in fresh funding.

It is the largest bank funding package to be secured in the British retail sector this year, according to Frasers Group.

“Partners like HSBC UK, will allow us to continue with our commitment to the UK high street and retail sector - investing significantly into the future with our on-going elevation strategy that fuels our long-term growth,” said group finance chief Chris Wootton in a statement.

The group, whose portfolio includes brands Sports Direct, Flannels, House of Fraser and Jack Wills, said the new capital will support its “ambitious” elevation strategy.

Frasers Group has been growing quickly in recent years by opening new stores and snapping up smaller rivals, even during the pandemic when many other retailers have been more reserved with their spending.

The group has also been repositioning itself into a more upmarket segment by acquiring stakes in brands like Hugo Boss and Mulberry, and placing an increased focus on its premium and luxury stores.

In August, the group announced plans to open 10 flagship Flannels stores over the next five years.

Frasers Group