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 deal, says Nisa, provides longer term, cheaper, and more flexible capital for the business to further invest in growth over the next three to five years.
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. Some of its most prominent members are also subpostmasters.
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.”
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.”
Nisa was provided with debt advice by KPMG and legal advice by DLA Piper.