Inver secures €112m in financing facilities
Cork-based fuel firm Inver Energy has secured over €112m in financing to help fund expansion in Ireland and the UK.
The company is majority- owned by group managing director Chris O'Callaghan, and Sandra O'Callaghan.
Inver Energy has secured a €100m asset-based lending facility from a syndicate of bankers involving Barclays, Bank of Ireland, BNP Paribas and Credit Suisse.
The €12.5m of term debt has been arranged by Bank of Ireland and will be used to fund growth of Inver's forecourt network. It currently has 20 Inver-branded forecourts in Ireland, which are run by independent operators.
It recently announced the purchase and development of two new forecourt sites in Limerick, which will add 25 jobs.
The €100m facility will be used by Inver to fund working capital requirements.
Mr O'Callaghan said the facilities provide a "robust, flexible and cost-effective" financial platform for Inver's future development.
Accounts for Inver Energy show that its turnover hit €605.8m in 2013 compared to €574.3m in 2012.
Inver Energy made an operating profit of €4.1m in 2013, describing the trading environment that year as "very difficult".
The profit figure was up from €3.5m in 2012.
Its pre-tax profit in 2013 was €2.96m compared to €1.96m in 2012. It expected 2014 to be positive, with increased sales margins.
Inver Energy was founded in 1983 as a supplier of industrial fuel oil and steam coal.
It is also the largest marine fuel supplier in the country.
Inver operates fuel and import terminals at Foynes and also in Cardiff.