Retail - Recent Activity
GNE Group Petrol Express business
Christie + Co advised GNE Group on the sale of its Petrol Express business, which is one of the largest independent petrol station operators in the UK with 62 units, to Leopard No. 2 Investments Limited, an investment vehicle backed by the Royal Bank of Scotland, for £51.66 million.
Sale Chatham Service Station
Acting on behalf of Mr & Mrs Dearing, Christie + Co has sold the freehold interest of the Chatham Road Service Station near Maidstone to Mr Babu and Mr Mohan Sivarajah, for an undisclosed sum off an asking price of £3.25 million.
Sale of QMP Ltd
Christie + Co acted on behalf of the vendors, Henry and Christine Kordowicz, in the sale of QMP Ltd. The group comprises seven petrol filling stations, incorporating substantial SPAR stores, across North Yorkshire and Cleveland. After a competitive bidding process, attracting interest from a number of corporate operators, the portfolio sold to the Co-operative Group for an undisclosed sum.
Sale of Rusts
Acting on behalf of Rusts’ shareholders, Christie + Co has
successfully negotiated the sale of the company’s entire
share capital to Midcounties Co-operatives Limited.
Rusts is a well known and established family business with a 30
year trading history. The company currently operates ten
convenience stores across the south of England, providing around
200 jobs. The ten convenience stores will continue to operate under
the Rusts brand, retaining of all of the current staff.
Sale of Powell Garages
Acting on behalf of Powell Garages Ltd, Christie + Co sold a group of four petrol filling stations in the Swansea and Port Talbot areas of South Wales. We marketed the portfolio confidentially and, after generating a high level of interest, a competitive bidding process ensued. We received a number of offers before agreeing the sale by way of share transfer, for a figure in excess of the £4,000,000 asking price to a corporate client.
Dispensing valuable advice
When Guy Hands announced his intention to bid for Alliance Boots, he knew that detailed and professional property advice would be essential to give confidence to investors and credibility to Terra Firma’s bid. Christie + Co was the obvious choice. Providing an immediate response to Guy Hands’ request, Christie + Co staff from our network of 16 offices visited over half of Boots’ UK and Irish stores in just four days. Despite the incredibly tight timescales, the Christie + Co team gathered detailed information and provided valuable assessments to Terra Firma.
United Co-Operatives Ltd
Christie + Co acted on behalf of the United Co-Operatives Ltd in the acquisition of three petrol forecourt businesses in the North East including West Wylam Garage Ltd and Crawcrook Filling Station Ltd, as well as Willow Tree Service Station, which is possibly the largest forecourt site in Northumberland.
Spot Service Stations
A portfolio of seven Spot Service Stations, all located within the Stoke-on-Trent area of Staffordshire, has been sold to a southern-based independent operator through leading retail agents, Christie + Co.
Central Service Station
Christie + Co was instructed to sell Central Service Station in Manchester, a thriving Texaco petrol filling station with a Spar convenience store. Confidentiality was paramount, in order to ensure there was no interruption to the trade nor uncertainty for the staff. Interest was forthcoming from a wide range of interested parties, from corporate and multiple operators to first-time purchasers. Within four weeks, a sale was agreed to a corporate operator and solicitors were instructed. We achieved a price considerably in excess of the original estimate and the sale completed much to the delight of the vendors and purchaser.
