RELYON and Pritex, which employ hundreds of people at Station Mills, Wellington, say their long-term future has been secured thanks to a multi-million pound loan facility negotiated in the fall-out of an accounting scandal at parent company Steinhoff International.

Pepkor Europe, owned by Steinhoff International, has arranged the two-year £180 million loan which will allow planned investment into the manufacturing and retail side of Steinhoff’s UK businesses to be maintained.

As well as Relyon and Pritex, Steinhoff UK owns familiar high street names Harveys and Bensons for Beds, along with Steinhoff UK Beds and Steinhoff UK Upholstery.

UK manufacturing chief finance officer Alan Chapman 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.”

For the full story see this week’s Wellington Weekly News.