JB Global agreed an £18m loan with Barclays ahead of adding the SofaStore brand to its existing Oak Furniture Land business.

The secured facility — which was drawn down in November last year — was used to pay off a previous loan taken the year before, the company said in just filed accounts.

JB Global took a £5m loan in its 2012–13 financial year, with the final £3.75m having been due to be repaid in the current trading period (y/e Sept 2015). The business also had a £4.6m outstanding overdraft at its last balance sheet dateline (30th Sept, 2014).

The SofaStore business rolled out in existing Oak Furniture Land stores and a handful of standalone units on Boxing Day last year. JB Global made £11m before tax on sales of £191.5m in 2013–14 (see related).

RelatedProfits up more than half at Oak Furniture Land

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