UK: Adams Childrenswear Secures Cash For Expansion Drive
Privately-owned British childrenswear retailer Adams on Tuesday agreed a refinancing deal that values the chain at £120 million and will allow it to proceed with its ambitious UK and international expansion.
The Warwickshire-based company, which runs 450 stores and supplies children's apparel to Sainsbury, Boots, Allders and Littlewoods, said the refinancing involved Lloyds TSB Development Capital and a syndicate of banks.
Private equity group Bridgepoint will remain the major institutional shareholder though part of its investment has been repaid.
"Adams has performed exceptionally well since the MBO, with both turnover and profits enjoying significant growth," said chief executive Michael Hobbs.
"The recapitalisation puts the business in an excellent position to meet our ambitious growth targets over the next three years. We plan to open 40 new stores by 2004, and will provide the childrenswear solution for Boots from next January."
He added: "The additional funding will enable us to invest in our stores, staff and infrastructure, develop new UK and international partnerships, and ultimately realise our vision of becoming the world's largest and most accessible kidswear business."
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