Applegreen trading well, completes Welcome Break credit deal

Company said group performance has been above expectations for the last two months

Cash balances for Applegreen were in excess of €60 million at the end of June

Cash balances for Applegreen were in excess of €60 million at the end of June

 

Forecourt retailer Applegreen has continued to trade ahead of its Covid-19 projections for both May and June, the company said on Wednesday.

The comments came as it confirmed completion of a deal by its subsidiary, Welcome Break, to repurpose £25 million of borrowing extended specifically for capital expenditure into a new revolving credit facility that it can draw down for any purpose.

Lenders to Welcome Break, one of the largest motorway service area operators in the UK, have also agreed to ease or drop covenant rules up to the end of June next year.

Applegreen said group performance has also been above expectations over the past two months aided by strong store sales, good fuel margins and cost saving measures.

“Our absolute focus at present is navigating the various challenges associated with Covid-19 and to ensure we are looking after our people whilst continuing to deliver the essential service we provide to our customers,” Applegreen said.