Footasylum embarks on a major growth initiative with HSBC’s £35m loan.
- The sustainable credit facility integrates Footasylum’s environmental goals.
- New store openings across the UK aim to strengthen market presence.
- The expansion facilitates more than 100 new job opportunities.
- Technology enhancements support Footasylum’s digital transformation.
Footasylum has secured a £35 million funding package from HSBC UK, embedding sustainability goals within its framework. This strategic revolving credit facility includes sustainability improvement loans, firmly aligning Footasylum’s expansion plans with its environmental commitments.
The retailer plans to utilise the funds for an extensive store expansion programme. Initial new store openings are planned in Aberdeen, Warrington, and Doncaster, with further expansions in Rotherham and Wrexham anticipated later this year. Additionally, the Merry Hill store in the West Midlands is set to triple in size.
Integral to their strategy is the creation of over 100 new jobs across the UK, bolstering Footasylum’s operational capacity. Simultaneously, the expansion supports international acquisition ventures, thereby diversifying their market reach.
A significant aspect of the agreement involves potential interest rate reductions, contingent upon improvements in Footasylum’s sustainability ratings, as measured annually via the EcoVadis ESG rating. Footasylum aims to meet a carbon net-zero target for scope 1 and 2 emissions by 2030 and scope 3 by 2040, actively pursuing these environmental goals since 2020.
Technological advancements are central to Footasylum’s business model. This funding will enhance the retailer’s digital infrastructure, advancing their omnichannel retail strategy. By developing a modular, mobile-first retail solution, Footasylum seeks to facilitate a seamless digital-first customer journey, strengthening its online presence.
Footasylum’s CEO Nick Scott underlines the importance of this funding as a milestone in the company’s growth journey, enabling the retailer to achieve its ambitious environmental policy. HSBC UK’s support further consolidates Footasylum’s significant position in the growing street and sportswear market.
Footasylum’s £35m green loan from HSBC UK strategically integrates sustainability with expansion, fuelling job creation and technological advancement.
