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Wells Fargo Capital Finance Leads New Financing for Maplin

January 25, 2017, 07:44 AM
Filed Under: Retail

Wells Fargo Capital Finance UK Limited, part of Wells Fargo & Company, announced that it acted as agent and lead arranger for an asset-based credit facility for Maplin, the UK’s number one specialist technology retailer with 217 stores across the UK. The credit facility will be used by Maplin to invest in online capabilities, a new retail store concept and support ongoing working capital needs.

Lindsay Dunsmuir, Maplin’s Chief Financial Officer commented “The refinancing of the business is an important milestone in our transformation project and completing it provides us with the financial resources to deliver our plans. We’re delighted with the deal and impressed with the execution skills and delivery from the Wells Fargo team. Throughout the process, they consistently delivered on what they said they would do”

 “We are pleased with the opportunity to work with a leading specialty retailer such as Maplin,” said Steven Chait, managing director and head of EMEA at Wells Fargo Capital Finance. “The asset-based credit facility put in place to support the transaction and fund the growth of the businesses demonstrates the increasing capabilities and financial solutions that Wells Fargo Capital Finance can provide its clients.”

Maplin has more than 40 years’ experience of bringing affordable tech solutions to consumers throughout the UK. With a growing online presence, its website offers more than 30,000 products along with advice through live chat and helpful videos. With more than 200 stores in the UK and Ireland, its store staff are experts on the innovative products it sells and can offer invaluable advice to help provide tech solutions to everyday problems. The company is based in Rotherham, South Yorkshire and its CEO is Oliver Meakin.

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