Euro Garages expects its annualised turnover to top £1bn following the deal to take over 48 Esso sites in the Midlands and East of England, which has now been completed.

In its most recently published results for the year to July 31, 2013, turnover was £439m, up 40% from the previous year’s £309m.

The company, which is ranked third in Forecourt Trader’s Top 50 Indies, revealed the surge in turnover as it announced a finance package with a club of five banks: Lloyds Bank, Handelsbanken, Barclays, Allied Irish Bank (AIB) and Pricoa Capital Group.

The finance is being used to acquire the Esso sites and to fund a £10m-a-year investment programme.

Mohsin Issa, Euro Garages managing director, said: "Extending our finance club and securing the new funding package is further endorsement of our business plan. We are continuing strategic site acquisitions that bring our customer offer to even more people. This additional finance enables us to invest to ensure customers at the Esso sites benefit from an improved retail experience and our best-in-class partner brands."