Irish-owned fuel company Inver Energy, which has a network of 20 petrol stations, has secured new financing facilities to fund the growth of its business in Ireland and the UK.
The finance includes a €100m asset-based lending facility and term debt and ancillary facilities of €12.5m.
The asset-based lending syndicate includes Barclays, Bank of Ireland, BNP Paribas and Credit Suisse.
The term debt and ancillary facilities are provided by Bank of Ireland and will be used to fund the expansion of Inver’s petrol station network.
Inver CEO Chris O’Callaghan said: “These new facilities will provide a robust, flexible and cost-effective financing platform for Inver’s future development.”
Cork-based Inver Energy operates from fuel import terminals in Foynes, Co Limerick and Cardiff and recorded a consolidated operating profit of €4.1m in its latest accounts for the year ended 31 December 2013.
It recently announced the purchase of two new petrol stations in Limerick which will create 25 jobs.
The Inver network is operated in partnership with independent forecourt owners.
