The toy and stationery distributor has also left the Club Group of Wholesale Distributors after an “internal review of operational needs”.
The firm hopes the refinancing deal will allow it to take advantage of its market position and drive its growth, after recently undergoing the first stages of a re-structuring process.
Ian Magson, sales and marketing director of the firm will remain on the board, alongside Alan Gaynor who takes over the reins of CEO immediately.
Magson said: “The refinancing of the company will now enable us to focus on driving the business on new foundations. I would like to thank the many loyal customers and suppliers who have supported us over the years and enabled us to become the business we are today.
“We are confident that the future holds much stronger service and supply opportunities and look forward to working with them further to our mutual benefit.”
Commenting on the firms exit from Club Group he said: “The Club Group has historically played an important part in our commercial strategy. However, changes in the market place and our customer requirements have made us question the relevance of remaining within a buying group where we are now the dominant member. Our size and national coverage mean that our business objectives and those of the Club Group members are inconsistent.”