Nisa Retail, the delivered wholesaler and convenience retail specialist, has completed the refinancing of its debt facilities following several new contract wins and growth within the existing business.
The £120m facilities are being provided jointly by HSBC and Wells Fargo. The company says the deal provides longer term, cheaper, and more flexible capital for the business to further invest in growth over the next three to five years.
Nick Read, CEO of Nisa Retail, said: “The retail market is quickly evolving and there is a real opportunity for the convenience sector to respond to the demands of today’s consumers. For Nisa, it is important that we continue to invest in the skills and capability of our business to support our member network, build a sustainable growth model and continue to deliver high standards of service.”
Robin Brown, CFO at Nisa Retail, said: “These new debt facilities provide a sound financial base, and the flexibility, from which to grow, and also demonstrate confidence in our business.”
Nigel Smith, head of Large Corporates, HSBC Global Trade and Receivables Finance UK, said: “HSBC is delighted to have led the successful implementation of this significant new Asset Based Lending facility for Nisa Retail Ltd. Working closely with the management team at Nisa and with the support of both KPMG and Wells Fargo, we have put in place a multi-asset funding structure that is both tailored to our client’s immediate needs and has the flexibility to support their ongoing growth. I am extremely pleased that we have been able to make this happen and look forward to an even closer working relationship with Nisa in the future.”
Tom Weedall, director - Loan Originations at Wells Fargo Capital Finance, said: “We are delighted to have been able to work with Nisa to provide a funding facility, which will support their future working capital requirements and growth aspirations. We are pleased to provide a solid platform so that Nisa can continue to provide the highest level of service to its customers and suppliers."
Chris Lloyd, director, Debt Advisory at KPMG, said: “The debt markets continue to be highly liquid and can provide a flexible and committed source of capital for businesses. Lending conditions have put strong management teams in an excellent position to secure favourable terms from banks and other financiers, which has provided an encouraging boost to those with growth ambitions.”
Nisa was provided with debt advice by KPMG and legal advice by DLA Piper. The lenders were provided with legal advice by Pinsent Masons. Financial due diligence to support the transaction was provided by PricewaterhouseCoopers.
Headquartered in Scunthorpe, Lincolnshire, Nisa Retail is a mutual organisation that provides services to support a membership network of more than 3,000 convenience retail stores.