Maxima Grupė, which operates retail chains and e-shops in the Baltic States, Poland, and Bulgaria, has announced that it has concluded financing agreements for a total amount of €100 million.
The contracts have been concluded with companies AB SEB bankas, Skandinaviska Enskilda Banken and Swedbank.
Maxima Grupė said the recently concluded financing agreements will contribute to the implementation of future plans, including investments in operational efficiency, development and sustainability projects.
The CEO of Maxima Grupė, Agnė Voverė said the main direction of the company continues to be the development of retail chains managed by the group in Poland and Bulgaria.
Long-Term Bonds
The group's plans include the redemption of bonds issued five years ago and investments in retail solutions.
Financing will be provided for the company's general business needs for a period of five years. Most of the funds are expected to be used for redemption of long-term bonds, maturing on 13 September 2023.
Maxima Grupė added that the financing agreements are not secured by performance guarantees or pledged assets, except for pledge of funds of the company in the respective banks' accounts.
Poland And Bulgaria
The group's total investment in the expansion and renovation of stores in 2022 amounted to €116 million – 7.2% more compared to 2021.
Poland and Bulgaria remain the main countries of expansion, with 110 stores added to the network in Poland and 14 additional stores in Bulgaria.
Maxima Grupė also invests in the development of e-commerce in Poland, where Barbora’s gross revenue, as well as the number of orders, tripled in 2022.
© 2023 European Supermarket Magazine – your source for the latest retail news. Article by Robert McHugh. Click subscribe to sign up to ESM: European Supermarket Magazine.
