Nisa will use the £100m refinancing package it secured from Barclays this week to invest in store refits, new brand initiatives and lower prices.
The retail buying group said it needed the £100m ‘multi-product solution’ with Barclays to meet its ambitious plans for the future after growing rapidly.
Over the past five years, sales have increased by 50% to £1.5bn. It has also split away from its wholesale business Today’s Group, introduced a new Loco fascia, launched TV advertising and made bumper payouts to members for three consecutive years. Last week, it also revealed plans to launch a full forecourt offer - the first of which will open in Wrexham this month.
“We’ve completely overhauled the funding structure to reflect and support the significant growth the business has experienced,” said Nisa finance director Simon Webster. “The new funding from Barclays will allow us to plan future growth with confidence and provide flexibility with the potential to actually reduce our associated funding costs.”
Barclays relationship director Graham Holland added: “Nisa’s business activities reach out into the very heartland of Britain as a nation of independent entrepreneurs.
“The past few years have been a dynamic time for Nisa, with significant growth despite the economic and market conditions. The management team impressed us with their strategic growth plans and we were able to agree a multi-product solution to assist them in future growth.”