Euro Garages to double their number of gas stations in the UK
Euro Garages, a UK fuel retailing empire in the making, will double their presence across Great Britain with a deal that will see them take over 172 new sites.
The British gas station operator has secured a financial package that will allow them to acquire 104 Esso sites and 68 Shell gas stations across the country. Euro Garages will own and operate a total of 352 gas stations after the deal is completed, reports Insider Media.
Euro Garages enjoyed a strong period of growth during 2014 which saw them increase their turnover by 47% to £646 million (USD 1 billion). During last year they also completed the acquisition of a further 48 Esso gas stations.
The financial support for the latest deal will be provided by a syndicate formed by seven banks, which will be led by Lloyds Bank Commercial Banking. The other six partners are Handelsbanken, Barclays, Allied Irish Bank (AIB), Pricoa Capital Group, HSBC and Royal Bank of Scotland (RBS).
Managing director of Euro Garages Mohsin Issa believes this operation will set them on track to become the second largest independent forecourt retailer in the UK. "Our new financial arrangement marks a milestone moment for Euro Garages, as we almost double the breadth of our portfolio and extend our banking partners,” he said.
Paul Foster, relationship director at Lloyds Bank Commercial Banking, said: "Euro Garages is a genuine example of a local business expanding successfully, having grown from just one forecourt in 2001 to a national estate portfolio of over 360 locations.”
