Metro Bank has announced that it has provided Auriga Holdings Ltd, the restaurant franchise business, with a £13.95 million debt facility – its largest franchise loan to date.
The funds will be used by the group to further invest in its estate, with plans to open more hospitality sites over the coming years.
London-based Auriga operates a range of coffee and fast-food outlets, with over 20 sites and 500 employees, and is one of the longest-serving KFC franchisees in the UK.
Mark Stokes, Managing Director – Commercial Banking, at Metro Bank said: “This deal is particularly exciting for us as it marks Metro Bank’s largest loan package in the franchise sector to date. Our expert knowledge and personal approach enabled us to create a funding solution that will support Auriga’s existing debt and working capital. We look forward to working closely with the management team in delivering projected plans and continued success.”
Afnan Bashir, Managing Director at Auriga Holdings Ltd added: “We are delighted with the prospect of working with Metro Bank to facilitate our growth over the coming years. They have been very supportive throughout our banking migration process, and their dynamic and proactive approach to lending will be critical in our future plans.”
Source: BM Magazine