Squire Patton Boggs has advised SportsShoes.com, the largest specialist premium running shoes retailer in the UK, on securing £14 million of new debt facilities from NatWest bank to support its growth plans.
The team advising on the transaction was led by Corporate partner and European head of Private Equity Paul Mann and Financial Services partner Nick Bell, and also included Corporate senior associate Louise Parker, Corporate associate Nathan Bentley and Financial services associate Michael Atherton.
Established in 1982, SportsShoes.com stocks over 17,000 products across 150 global running and outdoor brands, generating sales of over £90 million.
Managing director Brett Bannister commented “The business has grown by over 60% in the past two years alone so it needed banking facilities which are capable of coping with the increased working capital demands of a growing business, as well as allowing for the planned investment in technology.”
On the advice received from Squire Patton Boggs, Mr. Bannister added: “It is fair to say that we had very little experience of managing transactions of this nature, and so the support of the Squire Patton Boggs team was extremely valuable. They guided us through the process a step at a time, with lawyers from a number of specialist areas working seamlessly to give us considered and practical advice. This was an important transaction and the team couldn’t have done more to help us and make it happen.”
Also advising SportsShoes.com on the transaction were Adrian Richmond and Ian Gilmartin from Argyll Debt Advisory.