Mon, 28 Feb 2011 | BUSINESS NEWS
Moto, the largest motorway services company in the UK, is fast approaching a deadline in June to refinance its debts.
The £600 million borrowings date back to its 2006 takeover by a consortium led by Australian bank Macquarie, from Compass - catering group.
Investment bankers at Barclays have been drafted in to assist with the drive to refinance the debt pile. Barclays have spoken to potential investors about a bond issue valued at about £250 million, according to Capital Structure – the debt information service provider.
Industry insiders are said to doubt the likelihood of Moto obtaining new funding before the deadline. If these doubts prove to be correct, Moto’s banks may take over the company, forcing it into administration. Marketing the business for sale will be the most likely option, and it is believed that several private equity houses are watching carefully for an opportunity to purchase the chain in a forced sale situation.
Moto runs 57 roadside stops across the UK from Scotland to the South West, which feature well-known brands including Marks & Spencer, Burger King, Costa Coffee and WH Smith. Its rivals include Welcome Break and Roadchef.
The company was founded in 2016, although the owner has been involved in commercial property in the Kent area for over 30 years. The company provides a comprehensive range of commercial property services to a wide range of clients in and around the K...
A leading dental practice situated in the heart of London, providing exceptional dental care in a comfortable and welcoming environment.
LEASEHOLD
Offering marquee hire from small to large this business services mainly the events industry, its own smaller marquee competitors and occasional work directly with individuals. They can support parties and weddings through to corporate dinners, festiv...
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.