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.
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