Footwear retailer Schuh has secured a refinancing package to fund the exit of two of its shareholders and help support store expansion plans.
The company, which operates 59 UK and Republic of Ireland stores, has secured an undisclosed sum from Lloyds Banking Group. It will be used to open up to four stores over the next three to five years, refurbish existing stores and invest in its online operation. The money will have to be repaid by 2015.
Schuh has also used the funds to buy out the shares held by exiting operations director Tom Lynch and personnel director Lyn Ferguson, who each held 22.5% of the business.
Managing director Colin Temple and finance director Mark Crutchley have each increased their respective shareholdings from 22.5% to 37.5%. The remaining 25% is held by staff members.
Schuh will continue to refurbish its stores - including Oxford Street in London in January and Argyle Street in Glasgow in February - following the launch of a new store concept at Sheffield’s Meadowhall last month. Lloyds does not have a stake in Schuh.