TYPE
Lending
DATE
July 2020
SECTOR
Retail
EXIT
October 2021

Background

Founded in London in 1972, French Connection is a £120m turnover international lifestyle brand with stores across the UK and Ireland, and a global franchise and wholesale business.

The pandemic lockdowns forced the prolonged closure of its retail stores, but strict qualification requirements left the business unable to access any government-backed financing schemes.

Our Role

  • Provided a £15m asset-based working capital facility within two weeks, which assisted in stabilising the business
  • Straightforward, short facility document (30 pages) allowed for a rapid and smooth transaction
  • Covenant-lite facility with simple monitoring allowed the company’s management team to focus on their core business

Results

  • Hilco’s loan provided the necessary capital for the business to trade through a difficult period and return to profitability
  • Loan was fully refinanced when the business was acquired by new owners and taken private in 2021

 

Let’s connect and work together

If your business or a business in your portfolio is facing a current challenge, our team can provide a qualified perspective and experience-based guidance toward an optimised resolution.