Applegreen posts €45m pretax loss as finance costs rise after takeover

Applegreen was taken private last year in a €718 million in a Blackstone-led deal that saw the company’s founder, Robert Etchingham, and long-standing executive Joe Barrett, retain a 42.5% stake in the group.The company behind Applegreen posted a €45 million pretax loss last year, as group funding costs rose following a refinancing after US private equity giant Blackstone and the forecourt retailer’s top managers took over the business.

The holding company behind Applegreen, which has more about 620 sites across Ireland, the UK and US, said the latest set off accounts, filed in recent days with the Companies Registration Office, that its financing costs for the period from December 7th 2020 to the end of last December came to €105.5 million. Applegreen’s funding costs amounted to €81 million for the year to the end of 2020.

The increase followed an Applegreen refinancing months after it was taken private in March 2021 from the stock market in a €718 million deal that saw the company’s founder, Robert Etchingham, and long-standing executive Joe Barrett, retain a 42.5 per cent stake in the group. The financial statement for the holding company, known as Causeway Consortium Holdings Limited, showed that its bank loans stood at €937.8 million at the end of 2021. That was up from consolidated bank borrowings of €661.3 million at Applegreen a year earlier.

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