Fuels company Inver announces new financing facilities

Irish-owned fuels company Inver Energy has announced new financing facilities to fund the growth of its fuel import and marketing business in Ireland and the UK.

The financing facilities include a €100m asset-based lending facility and term debt and ancillary facilities of €12.5m.

The asset based lending facility is the first of its kind in the Irish fuel sector and will fund Inver’s working capital requirements through the provision of a multi-currency revolving credit facility comprising letters of credit, inventory and receivables finance, the company said in a statement.

Inver CEO Chris O’Callaghan said: "These new facilities will provide a robust, flexible and cost-effective financing platform for Inver’s future development. We are very pleased with the support of a banking syndicate."

Inver Energy recorded a consolidated operating profit of €4.1m in its latest audited accounts for the year ended December 31, 2013.

Inver recently announced the purchase and development of two new forecourt sites in Limerick, with 25 new jobs.

The company has a nationwide network of 20 Inver-branded service stations operated in partnership with independent forecourt owners.