Footasylum embarks on £35m growth spurt - Prolific North
Footasylum, a UK-based omnichannel retailer specializing in footwear and sportswear, is set to accelerate its growth with a £35m Revolving Credit Facility from HSBC UK. The funding will support the company s expansion plans across the UK and internationally, as well as its sustainability initiatives. The funding package includes a Sustainability Improvement Loan (SIL) that ties borrowing costs to Footasylum s sustainability performance, monitored through an EcoVadis ESG rating. The company aims to achieve carbon net zero for scope 1 and 2 emissions by 2030 and scope 3 by 2040. Footasylum s expansion plans involve opening new stores in Aberdeen, Warrington, Doncaster, Rotherham, and Wrexham, with the Merry Hill store set to triple in size. These expansions are expected to create over 100 new jobs and support the company s sustainability efforts, such as offsetting carbon emissions and using recycled materials for carrier bags. The RCF funding will also enable Footasylum to enhance its technology capabilities, particularly its omnichannel retail solution, and support the development of its exclusive brands. Additionally, the funding will help the company grow its influencer marketing strategy. With over 61 stores nationwide and a social media following of 5.8 million, Footasylum has achieved record-breaking revenues of £319.5m for the year to 27 January 2024. The company s profit before tax rose by 112%, driven by strong performances in its Online and Wholesale divisions. In summary, Footasylum s £35m Revolving Credit Facility from HSBC UK will fuel the retailer s growth plans, sustainability initiatives, and technology enhancements, while creating new job opportunities and expanding its social media presence. <|end|>
Source: prolificnorth.co.ukPublished on 2024-10-07
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