Palmer & Harvey has negotiated a £300m facility with a syndicate of five banks.
The UK’s biggest wholesaler said the three-and-a-half year facility, with Barclays, HSBC, RBS Group, Santander and GE Capital, would allow it to develop and expand its existing businesses over the next five years.
It comes just weeks after P&H joined up with Costcutter in a game-changing deal for the c-store sector that will see Costcutter handle P&H’s three fascias Mace, Supershop and Your Store, while P&H will handle distribution for Costcutter. They have also launched a buying alliance called The Buyco to negotiate lower prices with suppliers.
“This refinancing allows the company to continue to develop its core business and to capitalise on the considerable opportunities available to it,” said P&H group FD Jon Moxon.
“We are delighted to maintain our long term successful partnership with Barclays and pleased that we were able to expand the size of the syndicate providing these new facilities. This level of support shows a strong commitment to our business model and growth potential.”
Kevin O’Sullivan, relationship director leading the deal for Barclays, added: “P&H is a thriving example of an employee-owned firm, where employees are able to share in the company’s success. This new facility will provide P&H with the support to explore its strategic growth opportunities as it looks to its future. Our support further builds on the strong relationship we have with them that stretches back over 80 years.”