Go Outdoors agrees £33 million refinancing deal to support growth plans
Outdoor retailer Go Outdoors has agreed a £33 million refinancing deal with Barclays to accelerate its growth plans.
The financing, Go Outdoors’ largest to date, will support the retailer’s store expansion plans, the development of its multi-channel operations, and the targeted refurbishment of existing stores.
Chris Matthews, Go Outdoors chief executive, said: “Our agreement with Barclays will enable us to accelerate our growth plans for the business. We see significant opportunities within the UK, both in stores and in multichannel.
“In the last twelve months we have transformed our multi-channel capabilities, expanded our own-brand portfolio, opened new stores and created jobs whilst reducing costs and streamlining our processes. We have a clear objective of market leadership built on an unwavering commitment to serving our customers.”
Pete Wilmer, Barclays corporate relationship director, said: “Go Outdoors has assembled a first class management team and delivered a robust performance throughout the challenges of the recession. The bespoke funding package will provide the management team with the confidence and the platform to continue investing in the significant opportunities which exist for growth.”
The financing deal has been agreed for a three-year term with an option to extend to Autumn 2018.
In the 2012/2013 financial year, Go Outdoors achieved a record turnover of £171 million, which was an increase of 19% on the previous year. Gross sales reached £200 million for the first time while EBITDA grew by more than 10% to £9.4 million.
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