N Brown Group agrees £125m refinancing to go 'digital first'

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by Simon

Manchester-based N Brown Group - which owns the Jacamo, JD Williams and SimplyBe clothing brands - has agreed a £125m refinancing as it looks to become a 'digital-first' retailer.

The company secured the new deal with the Royal Bank of Scotland and HSBC.

N Brown is reshaping its strategy from direct mail to online after recording 63 per cent of sales via the internet, and will invest in its systems and warehouse infrastructure.

Craig Lovelace, chief financial officer at N Brown, said: "To stay competitive in the retailing industry we have had to make sure our brands evolve and meet the needs of a wide customer base. This includes developing our online businesses and investing in new technology.

"Royal Bank of Scotland has been very proactive in providing a funding solution which meets our long-term goals. They have a deep understanding of our business and worked with us and HSBC in providing us with a financing solution that gives us the flexibility to grow."

The company announced its half-year results last month, which saw total group revenue grow 4.2 per cent to £415.8m.