Euro Garages secures nine-figure finance deal
The rapidly expanding forecourt firm Euro Garages has landed a £150m refinancing package as it plots to take its turnover above £1bn for the first time.The money will help seal a previous deal to acquire 48 Esso sites, taking the total to 180, and will fund plans to invest £10m in the first year alone in renovating them. The service stations will continue to sell Esso fuels but will be expanded to include Euro Garages’ retail partnerships with brands like Subway.
The refinancing was provided by Lloyds Bank, Handelsbanken, Barclays, Allied Irish Bank (AIB) and Pricoa Capital Group.Mohsin Issa, Euro Garages managing director, said: "Extending our finance club and securing the new funding package is further endorsement of our business plan. We are continuing strategic site acquisitions that deliver new employment opportunities, especially for younger people, and bringing our customer offer to even more people.
"This additional finance enables us to invest to ensure customers at the Esso forecourts benefit from an improved retail experience and our delivery of best-in-class partner brands.”Chief executive Zuber Issa added: “Last year’s integration of the Esso sites in the North of England and North Wales has been successful and all the forecourts have benefitted from much-needed capital investment and a new, fresher retail offer. "We now look forward to doing the same with the Midlands and East of England forecourts. As ever, our focus is on surpassing customers’ expectations and developing long-term strategic relationships with our fuel suppliers.”