Multichannel retailer Maplin plans to open 100 stores and create
an estimated 900 jobs after securing a £20 million credit
facility from Lloyds Bank.
The Rotherham-based retailer currently has 200 stores throughout
the UK and aims to increase this number to 300 by 2015. Maplin
will also use the funding to invest in its ecommerce platforms
and website.
Claire Webb, Maplin’s finance director, says, “Earlier this
year we announced plans to improve the business by investing in
new stores and improving our online capabilities. The funding
package we have agreed with Lloyds Bank will support these
initiatives”.
In addition to securing a new finance package from Lloyds Bank,
Maplin has now repaid the original acquisition finance that was
used to fund the private equity-backed secondary management
buyout of the business in 2004.
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