Specialist retail firm Harding Brothers, which operates on-board shops on cruise liners, is heading for further expansion after appointing Barclays Corporate to restructure its finances.
As part of the deal, the Avonmouth-based, family-owned business has taken out a £9.5m loan with the bank to refinance outstanding debt, providing it with more flexibility to spur its growth strategy.
The Harding Brothers group’s cruise retail concession business was launched 20 years ago and today employs 120 staff at Avonmouth, manages more than 50 retail operations with more than 500 staff on cruise ships across the world for leading operators such as P&O, Cunard, Carnival and Royal Caribbean. The outlets sell tax-free goods ranging from toothpaste to high-end jewellery. Last year the business turned over more than £100m.
Harding Brothers managing director Harold Gittelmon said: “This is an important strategic move and we look forward to working closely with Barclays Corporate as our new financial partner. This deal will allow us to continue to grow our business and expand our presence on the next generation of cruise ships.”
Mr Gittelmon said he was particularly impressed with Barclays Corporate’s business development director, Bristol, Keith Herod, and the manner in which he approached the pitch.
Barclays Corporate’s head of retail and wholesale in Bristol, Howard Noye, added: “We are thrilled to have supported Harding Brothers in this debt refinance as well as becoming their clearing bank. The strength and quality of the management team has been vital in their continued success and is an excellent example of a business which has a robust business model and ambitions for the future.”
