Alfred Jones completes £10m refinancing

A WARRINGTON-based business with a network of 75 Spar franchises has agreed a £10m refinancing deal with The Co-operative Bank.

Alfred Jones (Warrington), a 120 year-old family firm run by chairman Jonathan Jones, has a turnover of £106.9m and is planning to use some of the funding to develop its store portfolio.

Alfred Jones (Warrington)’s managing director, Tom Calderbank, said: “A review of our financial arrangements was required to ensure banking provision commensurate with the company’s long-term business requirements.”

The company was advised on the refinancing deal by the Manchester office of accountancy firm Mazars. Funding has been supplied by Co-operative’s Liverpool  Corporate Banking Centre.

Its senior relationship manager Malcolm MacVicar said it won a banking remit from the firm because it “demonstrated an understanding of the business requirements of Alfred Jones by proposing a flexible funding structure tailored to its needs.”