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Schuh completes refinancing deal

Schuh has completed a £36 million refinancing package which will help fund expansion of the chain from 50 stores to 90 shops.

The new debt package, worth £36 million, was provided by Bank of Scotland.

The deal means that co-founders Sandy Alexander and Terry Racionzer, who sold the business to the management in 2004, no longer hold any loan notes. However the pair will remain non-executive directors at the Livingstone-based company.

Finance director Mark Crutchley told Drapers: "The refinancing package was always a long term plan of the business. It is essentially just a replacement of debt from one bank to another."

He added: The funding will enable us to move the business forward through our expansion strategy and put it on a solid footing for future growth."

Andy Edwards, area director of Bank of Scotland's Corporate Commercial Business team added: "We're delighted to have been able to provide Schuh with this refinancing package to fund its ambitious expansion plans. Schuh is a top-class retailer with a very strong management team. As a bank that likes to invest in people, it is an exciting investment for us."

Schuh is one of the few footwear specialists outperforming the sector. The company is expected to record EBITDA of around £11.5 million for the current year which completes at the end of March.

Click here to read the Drapers interview with Crutchley and Schuh managing director Colin Temple.

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