Martin McColl completes debt refinancing deal as it eyes expansion
Martin McColl has announced a £126.5 million early debt refinancing deal as it looks to expand its store portfolio by 150 outlets over the next two years.
The newsagent and convenience store chain has refinanced its debt with a £68 million senior loan and £15 million overdraft from Lloyds, Barclays, AIB, Santander and SEB. In addition, the company has refinanced a £43.5 million mezzanine loan from Caird Capital.
The company’s chief financial officer Jonathan Miller said: "This funding will help us to realise our ambitious growth targets within the UK convenience sector as we look to expand our existing portfolio. Combined with our strong financial performance, the refinancing provides us with a sound platform from which to achieve our potential."
Martin McColl, which operates 1,269 outlets including 650 convenience stores, said it planned to expand its store portfolio by buying up existing newsagents.
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