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BHS secures loan from Gordon Brothers subsidiary

BHS has secured a loan against its Cribbs Causeway store in Bristol in a continued bid to fund its turnaround plan.

BHS

BHS

BHS is sold by Sir Philip Green’s Arcadia for £1 to Retail Aquisitions

The loan comes from GB Europe Management Services, a European subsidiary of US firm Gordon Brothers, according to documents filed at Companies House.

The loan of around £10m will be used to fund its turnaround strategy, one aspect of which includes rolling out BHS’s food business, which is performing better than expected.

In September, BHS secured a loan of around £65m from London-based investment group Grovepoint against a small number of its stores.

Most recently it hired financial services firm KPMG to help cut its rent bill on more than 30 “problem” stores.

House of Fraser’s brand marketing director Tony Holdway joined BHS as marketing and creative director in January to work on new marketing initiatives set to launch in the second half of the year, one of which will be focused on fashion.

 

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