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New funds secure Youngsters future - ToyNews

New funds secure Youngsters future

Youngsters' future looks more positive after the group secured a new financing arrangement with its bank, Barclays.
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The funding package includes invoice discounting, a term loan and overdraft facilities. The refinancing became necessary mainly as a result of the losses and closure of the Toyworld stores, which were a wholly owned subsidiary of Youngsters.

Youngsters' MD, Bob Wiggins, commented: “We are pleased to confirm that with the ongoing support of Barclays we can further invest in both our buying and retail businesses to the benefit of our members and the independent toy retail sector generally. We have an excellent working relationship with Barclays and we appreciate their contribution in coming up with a financing structure appropriate to the needs of the business. The additional borrowing is supported by the strength of the group’s asset base.

"The closure of Toyworld and the refinancing has considerably strengthened the Youngsters group. I am excited about the prospects which the management team can achieve in the coming months”.

David Smith of Barclays Business Banking, added: "We are looking forward to continuing to play our role as the Youngsters Board and management strengthen the group to the benefit of all stakeholders”.

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