Booths secures refinancing deal

Preston-based family grocery retailer Booths has refinanced its existing £56m debt facility and extended its credit by a further £37m to support its growth strategy.

Booths plans to build on its 26 stores in the north of England by investing in a new store opening programme, starting with Media City in Salford Quays, due to begin trading in October 2011.

Edwin Booth, executive chairman of Booths, said: "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 and we can now move forward at pace and with confidence."

Nick Dodd, director leading KPMG's debt advisory business in the north, advised Booths on its refinancing.

Dodd said: "This 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."

The refinancing was provided by Royal Bank of Scotland, which has been Booths' lender for over 100 years, and Lloyds Banking Group.

Paul Foster, deputy area director at Lloyds Bank Corporate Markets in Manchester, added: "Importantly, Booths are keen supporters of local producers so this finance will have a much wider benefit to the North West rural economy."

Matt Christmas and Hans Scheiweller of DLA Piper and Andrew Ferguson of Napthens advised Booths and Martin O'Shea and Richard Omen of Addleshaw Goddard advised Royal Bank of Scotland and Lloyds Banking Group.

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