Mon 19 Jan 15

Andrew Page to drive further growth following refinancing

Andrew Page to drive further growth following refinancing
Leading supplier of automotive parts and garage equipment, Andrew Page Group, has recently completed a £40m refinancing with PNC. The deal comes hot on the heels of a hugely successful 2014, which saw the now £200 million turnover group deliver major operational improvements, acquire 21 former Unipart Automotive branches, enter into a strategic collaboration with Unipart Group and also strengthen the senior management team.
 
The Group operates 114 branches across the UK and has a firmly stated aim of adding an additional 50 sites through a combination of acquisition, new openings and franchise arrangements. The group continues to deliver strong organic growth, achieving record breaking daily sales throughout the last quarter and 18% year on year growth in December alone.

Jim Sumner, Chairman, stated, "The £40m funding package provides additional capital to allow the business to accelerate its strategic growth plans and maintain the phenomenal momentum we have achieved over the past 12 months.  PNC are a terrific partner to have on board through this exciting stage of our development."

Indra Harrison, Endless Investment Director and Non-Executive Director for the group added, "The refinancing tops off a really strong year for Andrew Page, the business has been on a roll with winning new customers, opening new branches and delivering a number of key operational step changes.  We are very proud of what the business has achieved and are excited about 2015 and its continued growth and success."