Trust Inns agrees new £130m debt facility

By John Harrington

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Related tags: Trust inns, Debt, Investment, Finance

Trust Inns has secured new debt facility
Trust Inns has secured new debt facility
Trust Inns, the tenanted pub operator led by Lynne D’Arcy, has secured a new £130m debt facility.

Macquarie Lending, part of Macquarie’s Corporate and Asset Finance Group, was the sole provider of the unitranche loan, which has been used to refinance existing debt facilities to the company, owner of more than 480 tenanted pubs across England, Wales and Scotland.

D’Arcy, managing director of Trust Inns, said: “We selected Macquarie for this transaction because they were able to provide a comprehensive offering that fits our needs as we continue to support tenants in building successful local pub businesses within our properties.”

Package

Hamish Jones, managing director in Macquarie Corporate and Asset Finance, said: “We are very pleased to be able to provide this financing package to Trust Inns. Our flexible approach to lending allowed us to tailor a solution for our client which was appropriate for their specific requirements.”

Trust Inns, which is owned by Trevor Hemmings, saw pre-tax profits grow 6.8% to £2.3m in the year to 31 March 2013, while turnover increased 21.3% to £52.4m. It has net assets of net assets of £88.3m.

The company plans to spend £4m per year on its estate but said at the end of 2013 that it would rethink that investment if a statutory code on pub companies was introduced.

Trust Inns was advised by Christie + Co.

Related topics: Other operators

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