Costcutter signs £35 million refinancing deal with Barclays
Costcutter has signed a £35 million refinancing deal with Barclays as it looks to further its growth plans.
The supermarket said the funds will be used to support business growth and its joint venture with Palmer & Harvey.
In March Costcutter launched a new buying company with P&H in deal which also involved Costcutter taking over the running of 800 Mace, Supershop and Your Store convenience shops.
Costcutter financial director Bob Marshall said: “Having the support of Barclays for the next three years as the business manages the current period of transition and embarks upon its growth strategy is very positive. In Barclays, we believe we have the ideal partner for supporting the business investments we need to make.”
Ben Andrews, key client director at Barclays, added: “Costcutter Supermarkets Group has proven resilient through the cycle and Barclays support has been very much based on our belief in the quality of the management team and the consistent performance of the business.
"As a north-east headquartered business with a national footprint, Costcutter Supermarkets Group is a key name in our region and we look forward to developing the relationship further and supporting the company’s growth in the years ahead.”
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