Martin McColl plots c-store expansion with £126.5m refinancing
Martin McColl has completed a £126.5m early debt refinancing as it plots further expansion.
The c-store and CTN chain said the new deal comprised £83m in senior facilities provided by Lloyds, Barclays, AIB, Santander and SEB; and a £43.5m mezzanine loan by Caird Capital.
Its existing arrangements were due to expire in September.
“I am delighted that we have successfully completed the refinancing of the business with the continued support of our lenders,” said Martin McColl CFO Jonathan Miller.
“This funding will help us to realise our ambitious growth targets within the UK convenience sector as we look to expand our existing portfolio.”
Martin McColl, which has 1,269 stores, has been steadily converting its traditional CTN shops to c-stores. Last year, chairman James Lancaster told The Grocer he wanted to hit 800 c-stores within the next three years. It currently has around 650 c-stores.
This week, The Grocer also revealed that Nisa had been supplying about 20 Martin McColl c-stores since the beginning of the year.