Sheffield-based retailer GO Outdoors has secured a £30 million financial package from Lloyds Banking Group to support its growth.
Sheffield-based retailer GO Outdoors has secured a £30 million financial package from Lloyds Banking Group to support its growth.
The three-year re-finance deal with Lloyds Bank Corporate Markets includes £12.2 million for trade finance in order to bring in new lines and work with suppliers to continue the company’s expansion plans, according to a statement.
David Hunt, relationships director for Lloyds Bank Corporate Markets, says the retailer has ‘outperformed growth forecasts year after year’.
Chief executive of GO Outdoors, John Graham, adds, ‘We are a unique business with an unrivalled offering to the market.
‘Our strength lies in the fact we’re able to cater for all levels of outdoors enthusiasts across a number of outdoor activities.’
The outdoor clothing, camping and equipment retailer recently opened new stores in Manchester, York and Stoke, and now operates from 30 sites in the UK.
Private equity investor 3i acquired a significant minority shareholding in GO Outdoors in April this year, with plans to invest £28 million in the company.
The retailer will continue its expansion by opening ten new stores and creating 500 jobs each year.
It also plans to grow its online retail offering.
The retailer already stocks brands including Berghaus, Vango, The North Face, RAB, Mountain Equipment and Outwell. In addition, GO Outdoors has developed the North Ridge and Freedom Trail brands, which are expected to account for approximately 25 per cent of its sales in 2011.
