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News Banks and Financial Services East of England co-operative planning overhaul following £60m injection
News Banks and Financial Services East of England co-operative planning overhaul following £60m injection | East of England co-operative planning overhaul following £60m injection |
| Written by News Desk | |
| Thursday, 17 April 2008 | |
 From left to right: Neil Mackie, Head of Business Development, East Anglia & South Midlands at Lloyds TSB Corporate Markets; John Chillcott, Chief Executive, ARCS; and Richard Jones, Finance Executive, ARCS The Anglia Regional Co-operative Society (ARCS), which trades through high street names such as Westgate Department Stores, AHF Home Furnishings and Rainbow Foodstores, will use the funding as the first step in revitalising its brand and products, it says. The deal follows a number of changes within ARCS, including the introduction of a new management team last September. The deal involves equal funding from three banks. It was led by Lloyds TSB's Corporate Markets team and supported by Handlesbanken and Alliance & Leicester. John Chillcott, Chief Executive of ARCS, said: "We're very pleased that Lloyds TSB was able to deliver this deal so smoothly. Having got the right management structure in place it gives us the perfect springboard to begin redeveloping our presence in the marketplace by refreshing and reinvigorating our brand and products. "The funding is the first step in achieving this aim and will allow us to improve the service we provide to our customers right across East Anglia." Neil Mackie, Business Development Director for Lloyds TSB Corporate Markets, added: "Anglia is a fascinating organisation to work with and we were very pleased to play our part in the rejuvenation of a business which has been part of everyday life for thousands of people throughout East Anglia for almost 130 years." Anglia can trace its beginnings back to 1876 when a co-operative society of traders was established in Peterborough by a travelling salesman from north England who had witnessed the development of the UK's first successful retail co-operative in Rochdale in 1844. Today ARCS has grown to become the sixth largest society in the country with diverse operations now selling over £300m of goods a year and providing employment for over 3700 employees.
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