Nisa Retail completes a £120 million refinancing arrangement
LONDON, July 28, 2017–Wells Fargo Capital Finance (UK) Limited, part of Wells Fargo & Company (NYSE: WFC), announced that it has provided an asset-based credit facility with HSBC for Nisa Retail, which operates convenience stores across the UK.
Following Nisa winning several new contracts, this club facility of £120 million, agreed in June, will provide longer term and more flexible capital for the company to further invest and grow over the next three to five years.
“The retail market is quickly evolving and there is a real opportunity for the convenience sector to respond to the demands of today’s consumers,” said Nick Read, chief executive of Nisa Retail. “For Nisa, it is important that we continue to invest in the skills and capability of our business to support our member network, build a sustainable growth model and continue to deliver high standards of service.”
“We are delighted to have been able to work with Nisa to provide half of this funding facility, which will support their future working capital requirements and growth aspirations,” said Tom Weedall, director of Loan Originations, Wells Fargo Capital Finance. “Utilising our balance sheet to support Nisa, we are pleased to provide a solid platform so that they can continue to provide the highest level of service to their customers and suppliers.”