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1,000 new jobs plan at outdoor stores
GO Outdoors is bucking the retail recession, unveiling plans to create 1,000 jobs and open 30 new stores by 2011.
The Sheffield-based outdoor clothing and equipment retailer has opened five new stores since it signed a deal with Bank of Scotland Corporate for an 18 million refinancing package last Spring.
And, it is on target to open 14 more stores - each selling a range of more than 20,000 outdoor products - by the end of June.
Managing director John Graham said: "We have big plans for GO Outdoors. The refinancing agreement with Bank of Scotland Corporate means we can now pursue a rapid controlled expansion plan."
David Hunt, director of commercial banking for Bank of Scotland Corporate in Sheffield, said: "This company is a fantastic example of a retail business that identified a niche and has stuck firmly to a winning formula through a combination of sound business practice linked to an entrepreneurial spirit.
"We had no hesitation in backing the business plan and the experienced management team that created it and everyone concerned is already seeing the benefits of the refinancing package."
GO Outdoors' growth has also been assisted by Ingram Forrest Corporate Finance, part of leading independent accountancy firm Barber Harrison & Platt.
Ingram Forrest partner, Stephen Ingram, acted for the management team when they staged a buy-out in 1998 and advised on the transfer of GO's business to Bank of Scotland.
Mr Ingram said: "The term facility put in place for GO by Bank of Scotland was very well structured to support the company's expansion plans. The robustness of the facility - as well as GO's business model - is clearly evidenced by the current rate of new store openings."
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Tuesday 22 May 2012
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