Euro Garages gets £110m to fund growth

Euro Garages has unveiled a £110m financing agreement to support its acquisition plans.

The new debt facilities, which replace the group's previous arrangements, would provide additional funding as it stepped up its consolidation strategy, the company said.

"The new agreement provides significantly increased financial muscle at a time of unprecedented opportunity in the market, with several oil majors divesting their forecourt estates and convenience retailing experiencing strong growth," said managing director Mohsin Issa. "This places the group in a prime position to capitalise on opportunities to build our size and scale."

Total sales at Euro Garages, BP's largest independent fuel distributor, rose 5% to £300m in the year to 31 July. Annual profits were on track to hit £12m.