WorldStores secures £25m funding

Ecommerce furniture and home retailer WorldStores has agreed a £25m funding round as it looks to continue its growth story.

The sum is highlighted in accounts filed this week by the heavily invested in retailer, with the cash — at the time the accounts were signed off late October — being held in escrow by lawyers while certain, unspecified, completion criteria is met.

In notes to the accounts, directors said they were confident the criteria would be met in full and the funding round — to be used to ‘fund the business’ — would be completed imminently.

It follows the earlier agreement of a £6m loan facility in March with Harbert European Speciality Lending Company, at a rate of 11.5 per cent.

At the company’s balance sheet dateline (31st January 2014) total investment in WorldStores was understood to have reached £18m.

The company acquired the Kiddicare retail business late September.

Source : The Furnishing Report
www.thefurnishingreport.com/index.php/distribution/ecommerce/2384-worldstores-set-for-p25m-funding-boost