The British sporting goods retailer Footasylum has raised fresh money to press ahead with its expansion plans.
On Monday, the company announced that it had received a revolving loan from HSBC UK with a total volume of 35 million pounds (42 million euros). Part of the financing package is a so-called Sustainability Improvement Loan (SIL), the conditions of which are linked to the fulfillment of sustainability goals.
The loan agreement is a “significant milestone” in Footasylum’s growth journey and helps the company deliver on its “ambitious environmental strategy,” Chief Financial Officer (CFO) Nick Scott said in a statement.
The retailer plans to use the additional funds to, among other things, open new stores in the UK, increase investment in its omnichannel capabilities, strengthen private labels such as Zavetti Canada, Alessandro Zavetti and Monterrain and forge further partnerships with influencers. The loan also gives the company greater scope to “explore international acquisition opportunities,” according to a statement.
