Maplin continues to invest in its online capabilities and new store concept for 2017
LONDON, UK, January 24, 2017 – Wells Fargo Capital Finance UK Limited, part of Wells Fargo & Company (NYSE: WFC), announced that it acted as agent and lead arranger for an asset-based credit facility for Maplin, the UK’s number one specialist technology retailer with 217 stores across the UK. The credit facility will be used by Maplin to invest in online capabilities, a new retail store concept and support ongoing working capital needs.
Lindsay Dunsmuir, Maplin’s Chief Financial Officer commented “The refinancing of the business is an important milestone in our transformation project and completing it provides us with the financial resources to deliver our plans. We’re delighted with the deal and impressed with the execution skills and delivery from the Wells Fargo team. Throughout the process, they consistently delivered on what they said they would do”
“We are pleased with the opportunity to work with a leading specialty retailer such as Maplin,” said Steven Chait, managing director and head of EMEA at Wells Fargo Capital Finance. “The asset-based credit facility put in place to support the transaction and fund the growth of the businesses demonstrates the increasing capabilities and financial solutions that Wells Fargo Capital Finance can provide its clients.”
Maplin has more than 40 years’ experience of bringing affordable tech solutions to consumers throughout the UK. With a growing online presence, its website offers more than 30,000 products along with advice through live chat and helpful videos. With more than 200 stores in the UK and Ireland, its store staff are experts on the innovative products it sells and can offer invaluable advice to help provide tech solutions to everyday problems. www.maplin.co.uk The company is based in Rotherham, South Yorkshire and its CEO is Oliver Meakin.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance provides comprehensive asset-based lending, technology finance, and supply chain finance to a wide spectrum of companies across the U.K. With offices located in London, Birmingham and Manchester, we provide a flexible financing option for companies facing a variety of situations, including: growth, leveraged buyouts, refinancings, restructurings, early and mid-staged turnarounds, mergers and acquisitions. www.wellsfargocapitalfinance.co.uk
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.