Symbol group Costcutter Supermarkets Group has today signed a £35m refinancing deal with Barclays.

The symbol group has refinanced to allow it to grow following its entry into a 50/50 joint venture with Palmer & Harvey in March when Costcutter took over 800 Mace, Supershop and Your Store shops and formed a joint buying group in an eight year deal with the wholesaler.

Costcutter Supermarkets group financial director Bob Marshall said: “Having the support of Barclays for the next three years as the business manages the current period of transition and embarks upon its growth strategy is very positive. In Barclays, we believe we have the ideal partner for supporting the business investments we need to make.”

Chief executive Darcy Willson-Rymer said the deal with Palmer & Harvey would give the buying group, named The Buyco, a combined purchasing power of £5bn.

Costcutter now has 2,500 shops in its network, as well as 25 company-owned stores.

He is targeting a group of 20,000 non-affiliated independent retailers as future Costcutter members.

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