25 May 2024, 17:45
By Furniture News Mar 07, 2022

Store owner secures finance package

Family-owned business Leekes Retail & Leisure Group, which is celebrating its 125th year of business, has agreed a new bank finance package split equally between HSBC UK and Barclays.

The funding is earmarked to support growth plans across the fourth-generation family business’ divisions – Leekes Retail, the Vale Resort, Hensol Castle Distillery, and its property arm.

The group continues to invest across all areas of its operations, with short-term priorities including the £12m renovation of Leekes Retail’s longest-standing department store in Llantrisant, South Wales, which is currently under way.

In addition, £5m of the funding will contribute to the development of new residential homes in the grounds of the Vale Resort.

Mike Fowler, Leekes' group finance director, says: “Leekes' retail business received its first business loan from HSBC UK and banked with them for many years. We’re delighted to resume this relationship with HSBC UK, who will provide our finance package alongside Barclays. We were pleased that the relationship directors from both banks, Simon Williams at HSBC UK and Sam Cole at Barclays, understood our needs from the start, and have collectively developed a proposal to support our long-term growth strategy.”

Last year, Leekes acquired full ownership of the Hensol Castle Distillery, launching its visitor attraction in October 2021, which includes gin-making experiences and distillery tours.

Following the success of its first new small-format furniture store, trading under the Park Furnishers brand in Eastgate Retail Park, Bristol last year, the group opened a new Leekes furniture store in Cardiff in December 2021, which has made a promising start.

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