Logistics group Stobart today announced a £100m loan deal with M&G Investments' UK Companies Financing Fund.
The 10-year loan will be used to repay existing bank debt and to fund future investment.
Stobart singled out the development of Southend Airport, which Stobart Group acquired in 2008 and whose application for a runway extension received ministerial consent in March of this year, as the main reason for the refinancing.
Panmure Gordon & Co introduced M&G/UKCFF to Stobart and acted as financial advisor to M&G/UKCFF. BDO LLP acted as financial advisor to Stobart.