Scunthorpe based Nisa announces plans to grow thanks to Barclays funding
Scunthorpe based company Nisa Retail Limited has agreed a funding boost that could see store re-fits and further expansion in the future.
Nisa Retail Limited, based at Normanby Enterprise Park, Scunthorpe has seen turnover grow by 50 per cent to £1.5 billion over the past five years.
This has given rise to additional funding needs.
The company is run purely for the benefit of its members, of which it has approximately 1,080 operating over 3,750 stores throughout the UK.
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It is a unique member owned organisation, helping independent retailers remain competitive in the food and drink markets.
Working alongside their finance partner, Barclays, Nisa now has access to a £100 million multi-product solution, co-ordinated across the bank's debt finance, sales and trade finance teams. Simon Webster, Nisa Retail Limited finance director said: "We have completely overhauled the funding structure to reflect and support the significant growth that the business has experienced over the last five years.
"The new funding from Barclays will allow us to plan future growth with confidence and provide the flexibility with the potential to actually reduce our associated funding costs."
"Nisa is committed to developing and extending its business activities throughout the UK in support of its member's independent convenience store network.
"Further assistance by way of store refits, branding initiatives and investment in product margin are all features of its future plans."
Graham Holland, Barclays' relationship director commented: "Nisa's business activities reach out into the very heartland of Britain as a nation of independent entrepreneurs.
The last four 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 which will assist them in their next phase of development."