AllSaints has secured £30 million of funding from Lloyds TSB Corporate Markets to grow its business in the UK and internationally.
The young fashion chain will use the loan to open stores in major cities, including Berlin, New York, Los Angeles and Miami, as well as increasing its store numbers in the UK. The cash will replace funding from collapsed Icelandic bank Landsbanki, and is part of a deal that incorporates term, revolving credit and trade finance facilities.
AllSaints chief executive Stephen Craig said the chain had been performing well, with a like-for-like sales increase of 31% this year to date and an annual turnover of £90 million. He said: “Completing this deal strengthens our financial foundations and gives us a great platform from which to develop, innovate and expand our business. We’ve built up a strong relationship with Lloyds TSB, enabling the bank to gain a deep understanding of our business and provide the right package to move the business forward.”
Craig added that the strong performance was boosted by last year’s store openings in London’s Westfield shopping centre, Paris and Antwerp, all of which were trading ahead of predictions.
Lloyds TSB relationship director Charles Lamplugh added: “There’s no doubt this has been a tough year for retailers in general, particularly in securing access to funding, but this deal demonstrated that we’re keen to support well-managed businesses.”