Applegreen says it is well placed to invest in further growth opportunities after it raised 46.9m (£41.1m) with a new placing of shares. The placing shares represent approximately 10% of the company’s issued share capital prior to the placing.
Commenting on the placing, CEO Bob Etchingham said: "We are delighted to complete the placing and are very pleased with the very strong support we received from new and existing shareholders. The funds will ensure Applegreen is well positioned to continue to invest in opportunities for growth across our three markets."
The move is the second time the company has raised money with a share issue. It raised 70m with its initial public offering (IPO), in May 2015.
Since that time, the company has stated its strategy is to accelerate the expansion of its estate. As at 31 December 2014, Applegreen had a total of 152 sites, but by June 2017, this had grown to 275 sites, with 166 sites in the Republic of Ireland, 85 in the UK and 24 in the US.