Co-op funds Spar expansion

The Co-operative Bank has completed a £10m refinancing of Alfred Jones (Warrington), one of the largest independent Spar retailers in the UK.

Malcolm MacVicar and Keith Clements from the Liverpool corporate banking centre of The Co-operative Bank refinanced the £100m turnover business.

The package will allow Alfred Jones to further develop its portfolio of 75 Spar outlets throughout the North West.

Tom Calderbank, MD of Alfred Jones, said: "A review of our financial arrangements was required to ensure banking provision commensurate with the company's long-term business requirements."

Malcolm MacVicar, senior relationship manager at the Liverpool CBC, said: "The Co-operative Bank won the remit because it demonstrated an understanding of the business requirements of Alfred Jones by proposing a flexible funding structure tailored to its needs."

Keith Clements, business development manager at the CBC, added: "There was intense competition among lenders to win Alfred Jones as a customer so we're genuinely delighted to have undertaken the refinancing of what is an outstanding business.

"We have a strong pipeline of deals in 2010 and even in this persistently harsh economic climate we're very much open for business and lending to quality businesses with impressive corporate strategies."

The Corporate Finance team at the Manchester office of international accountancy firm Mazars LLP advised on the re-banking of Alfred Jones. The team was led by partner Peter Terry and managed by David Hilton.