The package will support new store openings, international growth, tech upgrades and the relaunch of Meccano
The Entertainer has extended its facilities with Barclays UK Corporate Bank until 2028, reaffirming one of the longest standing banking relationships in retail, which stretches back 46 years.
The retailer, which has seen two consecutive years of 20% sales growth, says the financial agreement will enable further growth momentum. It says it will invest in opening new stores and enhancing the customer proposition in-store and online, as well as upgrading commercial technology. The backing will support further drive international growth, and the relaunch of the iconic Meccano brand.
Group CEO Andrew Murphy said: “Our trading performance since the end of December has been exceptionally strong and gives us even greater confidence as we look ahead. With new stores opening, Sunday trading now well established and a huge brand relaunch to come in the summer for Meccano, we are in a strong position — financially and commercially — to drive towards our £500m group sales target, which is fast coming into view on the horizon.”
Martin Rothwell, Group Chief Financial Officer, added: “This revised funding package is an important milestone for The Entertainer, a strong endorsement of how the business is managed and our strategy for continued above-market growth. We are grateful to Barclays for their continued support and to our advisers at PwC and Osborne Clarke for their assistance in completing this agreement.”
