London, 18 May 2015 – Leading men's and womenswear retailer Austin Reed Group and specialist European retail investor Alteri Investors (“Alteri”) today announce that Alteri's direct lending arm has provided a 3 year secured term loan to the retailer. Alteri's financing package provides the business with fresh liquidity and will help to fund stock as well as the group’s investment programme in its multichannel operations.
Commenting on the development, Austin Reed CEO Nick Hollingworth said, “We’re very pleased to partner with Alteri on this new round of financing, which has been completed swiftly and efficiently. With an improved funding structure in place and following our restructuring earlier this year, the business now has a solid platform to deliver the next phase of development as we seek to further enhance our multi-channel offer.”
Alteri Partner’s CEO Gavin George added: “We’re delighted that the first loan underwritten by Alteri's direct lending business is with Austin Reed, a universally recognised brand with great heritage, an experienced management team and strong financial sponsor. We believe that Alteri’s bespoke asset-based capital solutions will continue to be attractive to borrowers across the European retail sector, and are confident that we can expand our lending relationships over time.”
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