Petrol Express, a majority owned subsidiary of UK outfit Global Natural Energy, has agreed a deal to buy 14 UK refueling sites from US oil titan Texaco for a reported GBP4.5 million.
Petrol Express will maintain the Texaco branding at the 14 petrol stations, located in South Wales and the Midlands, as Texaco will continue to supply fuel to all but one of the venues. However, the forecourt shops will be redeveloped to display Petrol Express’ retail brand, Londis.
The purchase swells Petrol Express’ portfolio of UK refueling station to 62, making it the biggest independent directly managed petrol retailer in the UK, according to Dow Jones news. The acquired sites will also increase Petrol Express’ estimated annualized turnover by GBP46.5 million.
The redevelopment of the sites is expected to take the remainder of the year, while their revenues will start contributing to Petrol Express’ financial performance from 2006.