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. 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. “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. 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.

Source: Irish Independent July 01, 2020 06:33 UTC