Nisa Retail has completed a £120m refinancing agreement with HSBC and Wells Fargo as it targets future growth.
The deal provides “longer term, cheaper, and more flexible capital” for the business to invest in growth over the next three to five years.
Nisa CEO Nick Read 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.”
Nigel Smith, of 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.”
Tom Weedall, a director 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.”