Booths has received the financial backing needed to support its ambitious expansion plans.

The northern supermarket chain this week revealed it had refinanced its existing £56m debt facility and extended its credit by a further £37m.

The independent retailer said it planned to use the refinancing to invest in a new store opening programme. Next month, it is due to open its first store in Greater Manchester, in Salford Quays' Media-CityUK. It is also opening a store in December in Penrith, Cumbria, in December.

"To secure the funding needed to build on my family legacy of hard work and ambition is very pleasing indeed," said executive chairman Edwin Booth. "Booths has exciting times ahead as we look forward to welcoming many new customers through our doors. Achieving growth capital was critical in enabling us to pursue our strategy."

Good retailers would always find favour, said Nick Dodd, debt advisory director at KPMG, who advised Booths on the refinancing. "The deal is a great example of how a quality business can buck the trend of negative news from the retail sector and highlights the fact that there is liquidity in the banking market available to companies with a good credit story."