ELECTRICAL retailer Maplin Electronics plans to open 100 stores and create around 900 jobs after securing a £20m credit facility from Lloyds Bank.
The Rotherham-based retailer expects to increase its number of stores across the UK from 200 to 300 by 2015.
Maplin will also use the funding to invest in its e-commerce platforms and website, which receive more than 27 million visits each year.
Apart from securing a new finance package from Lloyds Bank Wholesale Banking & Markets, Maplin has now repaid the original acquisition finance that was used to fund the private equity-backed secondary management buyout of the business in 2004.
The company, which recently celebrated its 40th anniversary, is one of the UK’s largest consumer electronics retailers.
Maplin supplies more than 15,000 products including cables, components, IT & computing equipment, sat navs, tools and TV & satellite systems.
Claire Webb, Maplin’s finance director, said yesterday: “Earlier this year we announced plans to improve the business by investing in new stores and improving our online capabilities.
“The funding package we have agreed with Lloyds Bank will support these initiatives.
“In particular, we have received very positive feedback from customers regarding their in-store experience.
“By opening 100 new stores over the next three years we are ensuring that more customers can benefit from this service.”
The company was launched as a mail order business by technology enthusiasts in 1972 who were frustrated by the lack of good quality electronics components.
Maplin now has a turnover of more than £200m and employs 2,500 staff.
David Hunt, relationship director at Lloyds Bank Wholesale Banking & Markets’ Sheffield office, said: “Maplin has a strong brand identity and a clear strategy of how and where they see their future. It is a good example of a mid-market business that is generating steady growth.
“These businesses are fundamental to the UK’s economic recovery and we are committed to working with them to help them achieve their business goals.”
Montagu Private Equity paid £244m for the company in 2004.