£20 million boost for Maplin

ROTHERHAM-based electronics giant Maplin has plugged into £20 million of fresh funding as it plans a huge expansion over the next three years.

The firm landedj has signed a "revolving credit facility" from Lloyds Bank to support plans to open 100 new stores by 2015.

Maplin currently has 200 stores throughout the UK and aims to increase this number to 300.

Maplin will also use the funding to invest in its e-commerce platforms and website, which currently receives over 27 million visits each year.

Claire Webb, Maplin’s finance director, said: “Earlier this year we announced plans to improve the business by investing in new stores and improving our online capabilities.

“The funding package we have agreed with Lloyds Bank will support these initiatives.

“By opening 100 new stores over the next three years we are ensuring that more customers can benefit from this service.”

Established in 1972 as a mail order business, Maplin now has a turnover in excess of £200 million and employs 2,500 staff.