Forecourt giant Applegreen says its Welcome Break subsidiary has completed a process to access additional facilities, which “significantly enhances” its liquidity during the coronavirus crisis.
It has moved £25m (€27.4m) of a dedicated capital expenditure facility into a revolving credit facility.
Welcome Break operates 35 motorway services stations across the UK.
The lenders to Welcome Break have also agreed to relax or remove covenant conditions for tests up to and including June next year, Applegreen said in a statement.
The company, which has traded “in line with Covid-19 projections for both May and June” has now reopened a large number of its food and beverage offerings to meet demand as travel restrictions started to ease from last month.
“Traffic volumes on the UK motorway road network are continuing to recover and current traffic flows are now back to over 65pc of 2019 volumes,” Applegreen said.
“We welcome the UK government's recent announcement which will see further substantial lifting of restrictions from 4 July which we expect to drive further traffic increases on the road network.”
At 26 June, Welcome Break had over £30m (€33m) in available cash in addition to the new undrawn facilities of £25m (€27.4m).
Elsewhere, Applegreen said the remainder of its business has continued to trade ahead of its Covid-19 projections for both May and June.
The performance has been helped by strong store sales in the local petrol filling station sites, good fuel margins and “extensive” cost saving measures.
Cash balances in this part of the business at 26 June were in excess of €60m with undrawn facilities of approximately €64m, the company said.