Italy's Fratelli Ibba Receives €10m Loan To Open New Stores
Italian regional retailer Gruppo Fratelli Ibba has received €10 million in financing to support new store expansion in the period 2020-2022.
The loan agreement was signed with Cassa Depositi e Prestiti (CDP). It has a duration of 72 months and is backed by a guarantee from Italy’s Export Credit Agency (SACE).
The resources will be used to complete the investments provided for in the company's 2020-2022 Industrial Plan, which has been revised due to COVID-19.
The plan aims to drive organic growth by expanding the group's direct sales network, particularly in the Lazio region, reaching over 300 units by the end of 2022.
Made In Italy
The group also aims to strengthen the competitive positioning of its various brands with particular attention to sustainability and the development of products linked to the territory, while maintaining the philosophy of 'healthy food Made in Italy'.
The financing is part of the broader activity that CDP is carrying out in support of Italian companies to provide them with additional liquidity and help restart the country's economy, in the wake of the COVID-19 pandemic.
Part of the Gruppo CRAI cooperative, boasting more than 3,400 stores nationwide, Gruppo Fratelli Ibba is a historical player in the large-scale food distribution sector in Sardinia and one of the leaders in Central Italy.
The company manages more than 250 outlets, either directly or through local partners, mainly in Sardinia and Lazio, with a consolidated turnover of over €350 million.
Gruppo Fratelli Ibba operates three store types: small proximity stores under the Cuor di Crai banner (up to 250 square metres), Crai supermarkets (300-800 square metres), and Crai Extra stores (more than 800 square metres). In addition, the company is also present in the Cash & Carry segment with the Centrocash banner.
© 2020 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