The deal

FRP’s Debt Advisory team has secured new financing for UK-wide retail chain The Original Factory Shop – known to many as TOFS – to help the business achieve its aim of opening up to 50 new stores across the country.
The deal, which saw Aurelius Finance Company (AFC) provide a flexible £12 million facility for the business, will also meet the retail chain’s ongoing working capital requirements.
Founded in 1969, TOFS aims to provide a wide range of products at unbeatable prices, and to be an integral part of the local community; during the pandemic, stores remained open as an essential retailer.

To support its plans for growth the company was seeking more flexible facilities than those provided by its existing banking syndicate, and approached FRP to identify and secure new debt facilities for the business.
Despite the unprecedented market conditions crated by the pandemic, our Debt Advisory team – led by Partners Dave Edwards, Andrew Dimmock and Neil Grainger – worked to swiftly understand the issues that were important to the company.

The team ran a highly competitive process to deliver a flexible and market-leading finance solution, quickly identifying three firms who could exceed the client’s expectations. The team managed the debt raising process to optimise lender terms, and selected AFC to complete the transaction, in a deal which delighted all partners, including the sponsor.
Following completion of the deal, Partner Andy Dimmock said: “We ran a highly competitive process on behalf of TOFS to deliver a market leading debt facility. The facility, and the performance of the AFC team in meeting TOFS exacting requirements, is a credit to them.”