Footasylum 'to stride on' with £60 million credit lift

A sportswear retailer says it is sprinting ahead with 80-plus-job growth plans after securing a £60 million credit deal.

Footasylum is set to open bases in Leeds, Glasgow and Merthyr Tydfil.

Bosses say the trainers, tracksuits and t-shirts firm will also extend stores at Manchester’s Arndale and Trafford centres, and upgrade a 280,000sq ft Greater Manchester warehouse.

They add the moves will create more than 80 roles, with the blueprint fuelled by an extension of a HSBC UK revolving credit facility from £35 million to £60 million.

The package includes a sustainability improvement loan, which links the cost of borrowing to Footasylum’s environmental performance.

Nick Scott, chief financial officer at Rochdale-headquartered Footasylum, said: “This marks a significant milestone in our growth journey as we continue to expand our footprint across the UK.

“This expansion programme will strengthen our ability to deliver best-in-class customer service, while scaling the availability of our ranges across multiple channels.”

Zubayr Atcha, HSBC UK senior global relationship director, added: “It’s fantastic to support Footasylum with another ambitious phase of its growth strategy.

“We look forward to seeing how this funding package supports the future success of the business.”

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