Independent fuel and convenience retailer Samy Group has been granted a £15m funding package from HSBC as the firm seeks to expand its footprint.
Samy, headed by Mohan Palanisamy, operates 64 convenience and forecourt sites across the Midlands and North East of England. As of August last year the firm had 16 forecourts, seven of which were owned freehold, with Samy running the remainder as commission operator.
The firm intends to use the fresh funding to grow its portfolio to 100 locations across convenience and fuel.
Palanisamy comments: “This is our first external investment, and while the business has been growing strongly, this funding will significantly accelerate our ability to scale sustainably. It will also allow us to enhance the efficiency of our existing operations through a programme of store upgrades. With the support of HSBC UK, we now have the capital to pursue larger acquisitions and strengthen our position as a major convenience store and PFS operator.”
Zareen Smith, a global relationship director at HSBC UK, says the money “represents a fantastic opportunity for Samy Group at a time when consumer shopping habits continue to evolve”.
She adds: “We look forward to supporting the team as they pursue further acquisitions and build on their already impressive portfolio.”
