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Leekes's 25m deal to expand family business

ONE of Wales's best established family-run businesses has agreed a £25 million deal to make it even more successful in the future.

Leekes runs four large home department stores at locations across Wales, including Cross Hands in Carmarthenshire.

The chain has now secured vital funding to provide the group with the war chest it needs to keep growing.

Lloyds Bank and Barclays have provided £12.5 million each after a decision of the Leekes directors to work in partnership with them.

The company has now been trading for more than 100 years and has an annual turnover of more than
£70 million, employing 1,000 staff.

As well as its four department stores in Wales, the chain also runs three in the West Midlands.
It moved into the leisure market 18 years ago and took on the Hensol Castle estate in 2003 which has since been developed into 59 luxury apartments.

The latest round of funding will be used to support the development of a new department store in Coventry as well as investment in extra sporting facilities at the Vale Resort in Hensol which it developed in 1994.

Mike Fowler, Group Finance Director of the Leekes Group, said: "The history of Leekes is one of growth, expansion and quality service and we're firmly focused on keeping the business moving in this direction."

Jason Evans, South Wales Area Director for Lloyds Bank Wholesale Banking & Markets, said: "Leekes is one of the best known businesses in South Wales and the company's focus on growth and diversification has seen it flourish."

Source : South Wales Evening Post
www.thisissouthwales.co.uk/Leekes-s-pound-25m-deal-expand-family-business/story-15790486-detail/story.html

12 April 2012
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