Rapid Retail has secured a £250k finance deal to expand its portfolio of tailored and fully fitted merchandising units. The funding, acquired through banking partners NatWest and Lombard, will give Rapid Retail a new revolving line of asset finance.
Rapid Retail will use the credit line facility to expand its rental assets – pop up shops and retail units – nationwide, as well as introduce new products to its range.
The finance facility will also provide additional funding to support overseas expansion.
Rapid Retail’s co-founder and MD Nick Daffern said: “The deal comes at an important point in the development of our business and provides us with the solid foundations we need to continue our expansion.
“Mark Stuart and his team, who have nurtured our relationship with NatWest for over seven years, have been instrumental in securing this new deal. Our excellent rapport and the bank’s flexibility and adaptability has meant that we have been able to identify new products that fit our expanding portfolio. I am delighted that David Connolly, assisted by Dan Jackson, has worked so hard to understand our needs and delivered a solution that befits our requirements.
“We are already working with some of the country’s leading sports venues and this new credit line facility will allow us to tap into new markets.”
Mark Stuart, Manager Business & Commercial Banking at NatWest, who provides relationship management support to Rapid Retail said: “Rapid Retail is well respected in its sector and we are delighted to continue to work with Nick as he helps the business build on its deserved success.
“Thanks to our close relationship as a bank we have been able to create support which best reflect its aspirations.”
The finance deal itself comes from Lombard, the UK’s Leading Asset Finance Company, headed by David Connolly, Lombard’s Director of Asset Finance, and assisted by Dan Jackson.
Dan Jackson, Relationship Manager at Lombard, said: “Rapid Retail is a growing business and thanks to working closely with Nick we have been able to best identify solutions which will help Rapid Retail grow and continue its expansion.”