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Discount retail giant reveals plans to secure £250m boost

Discount retail giant B&M has revealed plans to secure a financial boost of £250m.
The Liverpool-headquartered company, which is listed on the London Stock Exchange, intends to offer senior secured notes which would be due in 2028.
A senior note is…

Discount retail giant B&M has revealed plans to secure a financial boost of GBP250m. The Liverpool-headquartered company, which is listed on the London Stock Exchange, intends to offer senior secured notes which would be due in 2028. A senior note is a type of corporate bond and would be paid before a junior note if a company enters bankruptcy.

Senior notes are typically unsecured debt and they aren't secured by collateral. READ MORE: From coal miner to job creator - how Parkside boss helped give St Helens a GBP80m annual boost In a statement, B&M said it intends to use the gross proceeds for "general corporate purposes" and to pay fees and expenses incurred in connection with the offering of the notes.

The move comes after its chief executive hailed the retail giant's performance during the first half of its financial year and said it is "well placed" going into the 'Golden Quarter'. Last week it reported a total group revenue of GBP2.268bn for the six months to September 25, 2021, up from GBP2.242bn.

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For all the latest stories, views, polls and more - and the news as it breaks - follow our BusinessLive North West LinkedIn page here. B&M UK's sales increased from GBP1.885bn to GBP1.909bn while Heron Foods' slipped from GBP216.2m to GBP203.1m. The group's French sales rose by more than 10% from GBP140.6m to GBP155.4m.

B&M has also reported group pre-tax profits of GBP241.3m, up from GBP235.6m.

The group added that it faced "more challenging trading conditions" in Heron Foods as average transaction values for grocery shopping normalise to pre-pandemic levels, but it also said there had been "satisfactory earnings through careful cost control and cash discipline".

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