Euro Garages doubles site count with new finance package

Euro Garages, the independent forecourt retailer, has agreed a new finance package to support its acquisition of 172 new sites.

Lloyds Bank Commercial Banking’s Manchester-based Mid Markets team has supplied revolving credit facilities and term loans, along with one-third of a two-year term loan bridge facility.

The business reported revenues for the 2014 financial year of £646m, and holds the preferred roadside partner agreement with Starbucks in the UK to operate its drive-through sites, as well as enjoying strategic partnerships with Subway, Greggs and Burger King to offer forecourt retail space.

“With the support of Lloyds Bank and our other banking partners, we are set to become the second largest independent forecourt retailer in the UK, bringing our best-in-class convenience offer and brand partnerships to more customers across the UK while they fill up at the pump.”

"This is in part down to the growth in the number of vehicles on the road and the consolidation of the petrol forecourt sector, as well as the increased demand from consumers for retail convenience for groceries and food-to-go, which the management team has capitalised on by developed partnerships with premium brands to encourage footfall and sales. “We have worked closely with Euro Garages for almost a decade, and leading the charge in this new funding deal reaffirms our commitment to their future success.”