N Brown Group to become digital-first company with £125m deal

N Brown Group plc is set to drive its growth strategy with a new £125m joint-bank refinancing deal.

The multi-million pound agreement, struck with the Royal Bank of Scotland (RBS) and HSBC, will see the Manchester-based multichannel fashion retailer shore up its efforts to move from being a direct mail-focused retailer to a digital-first group.

Craig Lovelace, the CFO at N Brown, which operates the JD Williams, Jacamo and Simply Be brands, said: “To stay competitive in the retailing industry we have had to make sure our brands evolve and meet the needs of a wide customer base.

“This includes developing our online businesses and investing in new technology.”

He continued: “Royal Bank of Scotland has been very pro-active in providing a funding solution which meets our long-term goals.

“They have a deep understanding of our business and worked with us and HSBC in providing us with a financing solution that gives us the flexibility to grow.”

The firm’s efforts to become a digitally led company are already well underway, with almost two thirds (63%) of sales now online.

Phil Derbyshire, a relationship director with RBS, commented: “I was delighted to support N Brown on this deal which supports the group’s long-term growth plans.

“The business continues to thrive in a competitive marketplace and the directors are very clear on what they need to do to support the group’s long-term growth plans. I wish the business every success for the future.”

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.