BLACKBURN-based forecourt retailer Euro Garages has secured £110million funding for an expansion plan.

The firm, one of the UK’s largest independent forecourt retailers, has also announced record sales of £300million for the year to July 31.

Bosses of the Haslingden Road company, founded by the Issa family in 2001, said the £110million funding agreement with Lloyds Bank Corporate Markets will allow it to expand into the south of England.

Euro Garages currently operates 70 forecourts in the North and Midlands and hopes to take that number above 100 outlets with this expansion.

The business, which is chaired by former ASDA chief executive Andy Bond, said profits were on track to reach £12million for the year, up 26 per cent from £9.5million.

Mr Bond said: “Our continued investment in the estate and commitment to service is helping us secure the loyalty of new and existing customers. This is translating directly into strong sales growth across fuel and retail despite a challenging landscape.

“As well as targeting larger acquisitions to expand our estate, this focus remains a key pillar of our growth strategy as we seek to become the UK’s leading forecourt retailer.”

Mohsin Issa, managing director, said: “The new funding agreement provides significantly increased financial muscle at a time of unprecedented opportunity in the market.

This places the group in a prime position to capitalise on opportunities to further build our size and scale and take the business to the next stage of its development.”

Euro Garages was founded in 2001 by the Issa family with a single petrol filling station in Bury.