TFG London owns fashion brands such as Hobbs, Whistles, and Phase Eight. Credit: William Barton via Shutterstock.com.

TFG London, the parent company of fashion brands such as Hobbs, Whistles, and Phase Eight, has successfully negotiated a £90m refinancing package to expedite growth. 

The new agreement with a banking syndicate replaces an earlier £60m debt facility. 

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The company will use the debt facility to bolster its growth strategy, for organic expansion in both the UK and international markets, the Retail Gazette reported. 

It also supports its long-term acquisition plans.  

A banking syndicate comprising Barclays, Lloyds Bank, Natwest, and Absa provided the debt facility, which will run for three years and has the option to extend for another two years. 

Argyll Debt Advisory and law firm Bryan Cave Leighton Paisner advised TFG London for the refinancing deal, Drapers Online reported. 

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TFG London chief financial officer Matt Wilson said: “We are delighted to announce this successful transaction, marking an important milestone in our journey and placing us on a firm footing for sustainable, long-term growth. This refinancing further strengthens our balance sheet and supports us with our medium-term growth ambitions.” 

TFG London, which is part of The Foschini Group Limited (TFG), a South African retail company, entered the UK retail market since its entry in 2015 with the acquisition of Phase Eight.  

The company has since expanded its portfolio with the acquisition of clothing chain Whistles in 2016, and womenswear brand Hobbs in 2017. 

In December 2019, TFG London launched its first TFG store.  

The group currently has more than 580 points of sale across 15 international markets. 

For the six months ended 30 September 2023 (H1 2024), TFG London saw its retail turnover decrease by 10.5%, compared to the corresponding period a year ago.  

Its online retail and outlet retail turnover decreased by 2.8% and 15.2%, respectively.