McColl’s Retail Group pls has signed an amended £85m revolving credit facility and a £15m accordion which were originally due to expire in July 2018.

The new facilities, which have been arranged with a group of four banks - Barclays, Royal Bank of Scotland, Santander UK and AIB Group (UK) - will now be in place until July 2020 and margins are at a lower cost than the existing arrangements.

James Lancaster, chief executive, said: “We are delighted to have extended our existing facilities which give us the medium term funding security to execute our strategy with confidence.

”The continuing support of our banks reflects their confidence in the prospects of the group.”