Italy’s Gruppo Arena Obtains Loan To Expand Operations
Italian retailer Gruppo Arena has obtained a €49 million loan from UniCredit and Banco BPM to expand its distribution network and upgrade the format of some of its outlets, reports suggest.
UniCredit Leasing will also support the retailer with an additional credit line of €14.6 million.
The Sicily-based company operates more than 180 stores under four banners: Deco', IperConveniente, SuperConveniente, and Non Solo Cash.
The retailer aims to increase its market share in Sicily and boost the efficiency of its commercial distribution processes.
Gruppo Arena’s strategic industrial plan foresees significant investments.
It plans to grow its business through the acquisition of leading national and international operators in the large-scale retail sector in Sicily.
In August of this year, Gruppo Arena finalised the acquisition of 33 stores under the Simply banner in Sicily that were not included in the sale of the Auchan network to Conad.
Subsequently, Gruppo Arena sold 14 of stores to Gruppo Radenza, a part of the Crai retail network.
Earlier this year, Gruppo Arena purchased 11 Gruppo Abate outlets and eight Distribuzione Cambria stores.
The retailer is targeting a turnover of €1 billion by 2020.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine.