Monday 14th April 2008
Bank of Scotland Corporate has completed an £18 million deal with Sheffield-based GOOutdoors Ltd, a privately owned outdoor clothing and equipment retailer, to assist its expansion programme across the UK.
GO Outdoors Ltd was established as CCC more than 40 years ago with a single store in Sheffield where its head office is still located. In 1998 it was subject of a buy-in management buyout led by Paul Caplan (Chairman) and John Graham (Managing Director). Since 2004, the business has embarked upon a store expansion strategy which now places it as the only superstore retailer of outdoor equipment and clothing in the UK by selling 'everything to do with outdoor activities under one roof'.
GO Outdoors now operates 9 stores across the UK – in Sheffield, Hathersage, Wakefield, Coventry, Oxford, Stockport, Loughborough, Wigan and most recently Coatbridge. The refinancing package from Bank of Scotland Corporate, which includes asset finance, a term loan, and a revolving credit facility, will support GO Outdoors plans for growth.
The deal was arranged on behalf of Bank of Scotland Corporate by David Hunt, Director in the bank's South Yorkshire office in Sheffield, with support from Ryan Sorby, Peter Egan and Rob Jenkinson. The legal work was carried out by Halliwells LLP.
John Graham, Managing Director of GO Outdoors said:
‘These are exciting times for GO Outdoors. We have already established a very successful outdoors retail model. Our plan is to build on this by opening more large retail destination stores.’
Commenting on the fund raising with Bank of Scotland Corporate, David Hanney, Finance Director of GO said:
‘We are delighted to be working with Bank of Scotland Corporate. Their approach was refreshing and quickly understood our needs as a fast growing retailer.’
Welcoming the opportunity to work with Go, David Hunt, Director of Commercial Banking for Bank of Scotland Corporate in Sheffield said:
"GO Outdoors is a fantastic example of an entrepreneurial retail business that has found its niche in the market. The opportunity to back such an enterprising business with an experienced management team and a well thought-out expansion plan was far too good to miss. The business has already demonstrated impressive growth and we're looking forward to working with the management team during the next phase of its development."
Stephen Ingram of Ingram Forrest Corporate Finance, who advised on the original buyout also advised GO on this latest fundraising, commented:
"GO’s outstanding management team has developed a highly successful business model. Bank of Scotland has put in place a well structured flexible facility to support GO’s planned growth through further new superstore openings."
Notes to Editors –
Bank of Scotland Corporate,part of the HBOS Group, has a reputation for excellence in the provision of corporate finance, delivering innovative funding solutions across a range of markets. With experience across many areas of corporate finance, including specialist teams covering Joint Ventures, Integrated Finance, Structured Property Finance, Infrastructure Finance and Housing Finance, Bank of Scotland can draw on an expert pool of professionals with proven track records. Bank of Scotland provides funding to more Management Buy-Outs than any other bank in both the UK and Europe and is now recognised as the top UK arranger for PFI/PPP deals. Bank of Scotland Corporate employs around 9,000 employees. Total lending at June 2007 stood at £95.8 billion.
