McColls announces refinancing agreement

McColls Retail Group plc has announced that it has signed an amended £85m revolving credit facility and a £15m accordion for the group.

This facility amends the group's existing £85m plus £15m accordion facilities, which are due to expire in July 2018.

The new facility will be in place until July 2020 and margins are at a lower cost than the existing arrangements.

The facility has been arranged with a group of 4 banks: Barclays Bank plc, Royal Bank of Scotland plc, Santander UK plc and AIB Group (UK) plc.

James Lancaster, chief executive, (pictured centre) said, 'We are delighted to have extended our existing facilities which give us the medium term funding security to execute our strategy with confidence. The continuing support of our banks reflects their confidence in the prospects of the group.'