St Austell, the Cornish brewer and pub operator, has secured a new £40m refinancing package with Royal Bank of Scotland (RBS) and Barclays to “explore future growth opportunities”. The funding is in the form of a £10m term loan and £12.5m revolving credit facility from RBS. Barclays will also provide a £12.5m revolving credit facility, plus working capital facilities totalling £5m. The banks said in a statement: “[St Austell] has grown both organically and via selective acquisitions, and will use the new banking facility to explore further growth opportunities. Focused primarily on the south west, the firm is keen to expand its estate. “The refinance package will also enable St Austell Brewery to invest in its existing estate and brewing facilities, while looking to develop new products to complement its award-winning portfolio of beers and ales.” Colin Stratton, finance director at St Austell Brewery, said: “We benefit from a strong independent, customer-focused business model and see further opportunities to grow our presence in prime south west markets. The banking and business support we receive is instrumental in our success; the teams at Royal Bank of Scotland and Barclays have shown a strong understanding of our markets and requirements.” On its expansion plans, Stratton told M&C Report: “We would rather have the right site rather than a certain number of sites.” He said the firm had already been expanding outside its Cornwall heartland and wanted to secure outlets in areas with less seasonal variation in trading. The company is also known to be keen on acquiring sites in London.