By Ian McConnell
Schuh has secured a new £19 million finance facility with Lloyds Bank, with the Scottish-based footwear retailer highlighting its determination to ensure it is in the “best shape” to overcome further disruption next year amid the coronavirus pandemic.
The retailer, which has more than 120 stores in the UK and Ireland as well as an e-commerce platform, has secured the funding from Lloyds through the UK Treasury’s coronavirus large business interruption loan scheme (CLBILS).
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Lloyds Bank noted, while Schuh continues to generate revenue through “robust” online sales, the retailer’s in-store sales are expected to fall well below forecast for the 2020/21 financial year in spite of a bounce in trading following the first national lockdown.
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Colin Temple, managing director of Schuh, said: “Our business model has stood us in good stead to continue to meet customer demand throughout 2020. However, we are not immune from the costs that have been felt throughout the high street. As the all-important golden quarter of trading continues to play out with different tier systems to manage throughout our store estate, it’s only right that we continue to take steps to ensure we’re in the best shape to overcome further disruption in 2021.”
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