Glasgow retailer fuels next phase of growth with £3m funding package

Glasgow based petrol retailer, Sood Enterprises, has secured a new £3million funding package from Bank of Scotland to invest in its portfolio of sites.
The business, which operates seven petrol stations – six across the west coast and one in Fife – is also now under the ownership of a family trust after a management buyout.

[adbutler zone_id=’297765′]

In addition to a major upgrade of fixtures, fittings, equipment and technology to improve the customer experience, the investment programme will see the current network fitted out with Subway concession outlets.
The funding gives the company the ideal opportunity to build on a record year that saw turnover reach £25million, as well as position the business for growth through acquisition over the next few years.
Raman Sood, managing director of Sood Enterprises Ltd, said: “New acquisition sites are hard to find in the right location. Looking ahead we are confident in our future growth thanks to our ongoing relationship with Bank of Scotland.
“Working with the Bank has opened up so many routes to new financial products and support so we feel well positioned to capitalise on new acquisition opportunities as they arise in the future.”
Stephen Owens, relationship director at Bank of Scotland, said: “Sood Enterprises is an interesting business and we’re pleased to lend our insight and expertise to its directors as it enters this new phase of ownership.
“Investing in its existing site portfolio is a smart move and will add significant value while Ramen and his team look for the next commercial opportunity to grow the business.
“We work closely with businesses, like Sood Enterprises, across Scotland to provide the tools and expertise needed to help them prosper and secure success.”
[yikes-mailchimp form=”2″ title=”1″ description=”1″]

Sponsor

Our Other Titles

Latest

Middle East investors deployed £230m into Scotland in 2019

RESEARCH released by global real estate advisor CBRE has revealed that the UK regions outside of London were the preferred destinations for...

Scottish education funding rises to £3.57 billion

EDUCATION and skills funding will rise 1.7% in real terms to £3.57 billion, under the proposed Budget 2020-21. Speaking...

Time for expansion as watchmaker anOrdain secures loan from UMi Debt Finance Scotland

WATCHMAKER anOrdain is set for growth after sealing a loan deal with UMi Debt Finance Scotland, a £12 million fund that forms...

Veincentre targets UK rollout with new seven-figure refinance

VEINCENTRE, the UK’s leading provider of treatment for varicose veins, is looking to expand its number of clinics across the UK this...

Dignity secures water savings deal with Business Stream

ONE OF the UK’s largest providers of funeral services has signed up to a new two-year water and waste water contract worth...