BHS owner Retail Acquisitions has secured a loan from an American restructuring company in a bid to grow its food business.
According to Retail Week, Retail Acquisitions has agreed to borrow around £10m from a subsidiary of Gordon Brothers, the company that attempted to save Blockbuster from going bust, according to reports.
The cash injection will be used to roll out the BHS food business, which has been performing above expectations, The Times reported.
Back in September, the department store group unveiled a new-look store and logo in Watford, representing some of its plans for the future, particularly in food.
BHS enhanced its fledgling food offer by adding more SKUs to its range and launched a ‘2 Dine for £10’ meal deal – similar to the initiative already used by Marks & Spencer.