RBS AND LAKELAND AGREE FUNDING PACKAGE

Lakeland, the leading UK independent kitchenware retailer is focused on continued growth after agreeing a £16million funding package with The Royal Bank of Scotland (RBS).

Headquartered in Windermere, Cumbria and with a recently extended state of the art distribution centre in Kendal, Lakeland is focused on continuing to increase its international presence, and also continuing to develop its UK in store and online offering. The funding provided by RBS is helping to support this activity.

The management team at Lakeland is proud of its family roots, today being run by three brothers Sam, Martin and Julian Rayner whose father Alan Rayner started the business. The business has grown significantly since with 68 UK stores, over 1900 employees and has a turnover of over £166m.

Bob Granger, Retail & Finance Director of Lakeland said:

“As one of the UK’s home shopping pioneers with half a century of experience under our belts, Lakeland offer an unrivalled collection of creative kitchenware, practical ideas for the home and garden, and inspiring gifts from all over the world. We are focused on expanding our range with innovative products and meeting increased demand. With this in mind we have built a strong platform for further UK and international expansion.

“We have developed a close relationship with RBS over a number of years, and have been impressed by their service, attention to detail, responsiveness and by their interest and enthusiasm for our business.”

Mike Hurleston, (left) Director RBS Corporate Banking Stockport, commented:

“As a major supporter of UK business and local business communities we take seriously our role in helping to support the local economy and businesses. As a result  we believe in responsible lending and forging close working partnerships with our customers in order to provide them with the necessary support and expertise to help them succeed.”

Sue Stratton, Relationship Director at RBS added: “I am delighted to bring Lakeland’s borrowing on board. They are a well established and respected family business with a great track record of success. The revolving credit facility has been committed for five years and we are confident it will help them shape the future growth of the business. We look forwards to working together for many years and continuing to develop the banking relationship.”