Moto Hospitality, Britain’s biggest motorway services operator, has improved its financial position, after completing a £600m refinancing.
According to the Times, the company, which is controlled by the Australian bank Macquarie, has improved its financial position by issuing £176m of bonds, securing £400m of new debt facilities and injecting £24m of new equity.
The company, which operates 57 roadside stops, has been trying to renegotiate the £600m of borrowing for several months, with reports suggesting it was running out of time to refinance its debt before a June deadline.
The debt is a legacy of its 2006 takeover by a consortium led by Macquarie. The Australian bank had appointed investment bankers at Barclays to help with its refinancing attempts.
Moto recently signed agreements with the West Cornwall Pasty Company and Domino's Pizza, which will see both food operators open franchise kiosks across the motorway service operator's locations.
