Maplin will use the credit facility to invest in online capabilities, a new retail store concept and support ongoing working capital needs.
Lindsay Dunsmuir, Maplin’s CFO, commented, “The refinancing of the business is an important milestone in our transformation project and completing it provides us with the financial resources to deliver our plans. We’re delighted with the deal and impressed with the execution skills and delivery from the Wells Fargo team. Throughout the process, they consistently delivered on what they said they would do.”
“We are pleased with the opportunity to work with a leading specialty retailer such as Maplin,” said Steven Chait, managing director and head of EMEA at Wells Fargo Capital Finance. “The asset-based credit facility put in place to support the transaction and fund the growth of the businesses demonstrates the increasing capabilities and financial solutions that Wells Fargo Capital Finance can provide its clients.”