Harveys and Bensons for Beds have confirmed that they have secured a new two-year independent finance facility through Pepkor Europe that will replace Steinhoff’s planned investment in full. In a statement, the business says that this new facility will be used to support the future growth of both businesses as well as its manufacturing division, which operates through factories in Bridgend, Huntingdon and Taunton.
The retailers' South African parent company, Steinhoff, is currently facing an investigation into accounting irregularities that has caused its share prices to plummet, and led to the departure of both its CEO and its chairman.
Stuart Machin, group CEO for Harveys and Bensons for Beds, says: “Harveys, Bensons for Beds and our manufacturing businesses have always been run independently and for British customers. This new finance facility will allow us to continue to build on the progress we’ve made in the last few months.
“We face the new year with new confidence, focused on delivering great customer service and stylish, quality products at great value prices, executing our transformation plan for Harveys and continuing with our plans to manufacture even more of our great products in the UK.”
The loan is part of a wider £180m package that will also be utilised by Poundland.