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Major Funding Deal Announced

As part of the Steinhoff UK Manufacturing and Retail business, Pritex have today confirmed that a new £180m two year independent finance facility has been secured in conjunction with Pepkor Europe.

The deal replaces in full the planned investment from its ultimate parent company Steinhoff International NV and will be used to support the future growth of Pritex and other Steinhoff UK businesses.

Gareth Jones – Pritex Managing Director commented:

“I’m delighted that the funding deal was concluded so quickly. Pritex is strong, profitable, cash positive and enjoying good growth and this independent facility will provide the additional long term stability to support our strategic plans over the months and years ahead.

Alan Chapman UK Manufacturing CFO said:

“The trading strength of the UK businesses and Pepkor Europe has meant that we have been able to quickly develop new financing arrangements which means we are not now dependent on working capital support from our ultimate parent company Steinhoff International NV”.