Nisa Retail has refinanced £120m worth of debt ahead of a potential multimillion-pound takeover by Sainsbury’s.
The group, which has 1,400 members operating 2,500 shops, has agreed a new financing deal with HSBC and Wells Fargo.
The member-owned company said the deal would enable further growth over the next three to five years as it pursues a target of increasing revenue from £1.3bn to £2bn by 2019.
“The retail market is quickly evolving and there is a real opportunity for the convenience sector to respond to the demands of today’s consumers,” said Nisa CEO Nick Read, who has led a turnaround of the company since it lost £3m in 2015.
“For Nisa, it is important that we continue to invest in the skills and capability of our business to support our member network, build a sustainable growth model and continue to deliver high standards of service.”
It comes amid reports of Sainsbury’s closing in on a £130m deal to buy the convenience store group.
Nick Smith, head of large corporates at HSBC Global Trade and Receivables Finance UK, said: “Working closely with the management team at Nisa and with the support of both KPMG and Wells Fargo, we have put in place a multi-asset funding structure that is both tailored to our client’s immediate needs and has the flexibility to support their ongoing growth.
“I am extremely pleased that we have been able to make this happen and look forward to an even closer working relationship with Nisa in the future.”