Neil Findlay is a man who spends more time in his car than at his desk. That’s because he is the acquisitions director at EG On The Move (EGOTM) and he says if you don’t ride the roads, you’re not going to identify the opportunities. When Forecourt Trader spoke to Findlay he had just been ‘riding the roads’ in Scotland looking at sites.
At the time of writing, EGOTM had 157 sites up and operating but by the time you read this, that number could well have grown. The company has more sites in varying degrees of development at the moment – covering England, Scotland and Wales – some of those will be new to industry (NTI), some will be knockdown rebuilds and some will be refreshes.
Findlay says the business does not have a specific target number it wants to hit. “We’ve always been opportunity driven. If there’s an opportunity in a location and we feel the needs aren’t being met for EV or coffee or food to go in that location, we’ll do a deal.”
He explains that getting the deal over the line, sometimes seems really difficult, but that’s the easy part: “Quite often it’s securing the right planning and getting on site that’s the real challenge.”
He says one of the biggest problems across the mainland UK (England, Scotland and Wales) is that getting planning permission can be challenging. “I know we’re not the only developer that feels that way. I spoke to a care home operator who’s trying to buy some land and they have the same issues. Residential developers have the same issues too.
“People often underestimate how challenging planning is. Last year, I think we only lost four sites through inability to secure planning, but the main problem with planning is it takes so long.
“For example, we’ve got a site in Scotland that was bought before I joined the company and we still haven’t secured planning for it. We’re hopeful that it’s going to go through soon.”
He describes EGOTM as “quite dogged” as a developer: “That’s because we’re an operator as well as a developer, unlike a lot of our competitors in the market. And ultimately, we can bank land if we need to, but we don’t make money until a site is operational.”
Findlay who has worked for Zuber Issa for more than seven years, first with the EG Group and then EGOTM, has nothing but praise for his boss Zuber Issa. “From an acquisition professional’s perspective, Zuber is a dream guy to work for. He absolutely buys into what we’re doing in acquisitions. He loves getting involved and if he really believes in something, he will go all in on it.
“We have the luxury of having a man in charge of the company who’s done more roadside developments in the UK than anybody else. His knowledge and his memory are uncanny. You mention a site and he always remembers the deal.”
Of course, EGOTM doesn’t win every bid it puts in: “It’s an extremely competitive market. And, unfortunately for us, the footprint that we’re looking for is about two acres and that is also what Lidl, Aldi and M&S want. And then you have the other forecourt operators out there who are looking to grow too.”
Findlay lost out recently on a deal despite bidding £15m for a site. “We don’t win all the battles. EGOTM is not always going to be everybody’s first choice. Sometimes people have dealt with the developer or the operator or brand before directly, and they like that relationship and they want to keep that relationship going. And sometimes that benefits us.”
Quick decisions
Findlay says EGOTM’s success in getting deals done comes from making quick decisions. “There’s myself and a number of other acquisition managers across the country looking at sites, and we make decisions based on the evidence.
“We also work very closely with our operations team and, of course, our planning team. They will always review the deals we’re looking to do. And if there’s no chance of securing planning they’ll tell us. But when we do commit, we want to complete and move on very quickly.”
He says their construction team know what they’re doing and can deliver at pace. “When we get our teeth into something, we turn it around really quickly. We bought a petrol filling station in Scotland recently – a private transaction/off-market deal. We got the legals through in something like four weeks and we completed on December 1. And from the moment we’d paid for the site, the guys were on site to rebrand.”
The site in question was Buchandyke Filling Station in East Kilbride in a deal handled by Brogan Grier, director of Graham + Sibbald. Grier explains: “Buchandyke represented a unique opportunity, where no formal shop or fuel supply contracts were in place – this is unusual for a trading filling station performing at this level of trade.
”The lack of supply contracts allowed EGOTM to progress legals quickly and, on the handover day, the site was immediately closed and a full rebrand began. It was impressive to see the forecourt filled with shopfitters’ vans ready to begin the refit operation, once the green light was given. Work was completed in under a week, with the site open and trading again with a Co-op branded shop.”
As well as its boots on the ground approach, EGOTM’s acquisitions team retains Colliers International as its external agents, and Findlay says they are always out knocking on doors for the company.
He says that with regards to pricing, if EGOTM is not comfortable paying a certain amount of money, they will walk away. “We take a keener interest in the performance of sites now than we’ve ever done before. And that’s because we are a smaller organisation; we don’t span America and Europe. We’re relatively modest in size so we need to select the right sites and make sure they perform. We accept that if there’s an opportunity, there can be an element of risk but what me and my team try to do is mitigate that risk.”
Transformation
On to the bigger picture, and Steve Rodell, managing director – retail and leisure at Christie & Co, says 2025 saw the roadside retail environment undergoing a transformation, with traditional petrol stations being reimagined into multi-purpose destinations.
“We saw the consolidation of sites continue as smaller forecourts were repurposed and attracted interest from EV infrastructure providers and car wash operators, while larger plots were transformed into experiential destinations which incorporate convenience retail, food to go, franchised coffee and lifestyle services alongside fuel sales.”
Rodell explains that over the past five years, the average price achieved for a forecourt has risen, reflecting the strength of investor interest. “A key difference in today’s market is the wider pool of buyers we are seeing, which includes new entrants to the sector and financial institutions now looking to acquire forecourt property.”
Christie & Co had yet another busy year in 2025, closing the 12 months with selling Gardner Garages to Roadside Real Estate. “The Gardner’s exit from the industry was news in itself, and the deal is a landmark first-group acquisition for Roadside,” he says.
Mark Frostick, associate partner in automotive, roadside and future fuels at Rapleys, says 2025 was another year dominated by big demand for new sites but a lack of supply. “This has meant operators have had to look at both new-to-industry and refurbishment of old sites, including some that have not been a forecourt for many years. In fact, we are in negotiations on a couple of sites which were previously for forecourt use but closed over 20 years ago, and there is the potential for them to be reinstated.”
Frostick says for new-to-industry sites there remains strong competition from both the food to go and EV operators, while for smaller sub one acre plots it is likely that they will be better suited for a drive thru than a petrol station as build costs for a PFS remain strong versus the relatively cheaper kit needed for a drive thru operation.
Meanwhile, a landmark deal for the Graham + Sibbald roadside team last year was advising on the Kessock Portfolio transaction, which was purchased by Ascona.
The portfolio consisted of five Esso- and Shell-branded petrol filling stations in the Aberdeenshire and Moray regions of Scotland. Graham + Sibbald director Adam Fotheringham says it was the largest deal in Scotland, in the forecourt market in 2025.
December 2025 also saw the St Michaels portfolio of four sites in Dumfries & Galloway purchased by Grove Retail. However, Fotheringham says the most notable single site deal was securing Peggy Whites in Newhouse on behalf of Karan Retail.
“At present we have a number of sites under offer for completion in 2026, these are at levels in line with what was achieved in 2025, so we are hopeful that we can report more notable transactions this year.”
He says the majority of Graham + Sibbald’s transactions in 2025 were on a confidential, off market basis. “Our relationship with operators was helpful to ‘unlock’ deals. There are always deals which are initiated from direct approaches from operators, or quiet introductions from an agent.
“We have various clients who are well funded and seeking more opportunities, so would welcome discussions with operators on values and the transaction process, if they would be interested in a potential disposal.”
Positive outlook
Rodell says the outlook for forecourt property in 2026 remains very positive. “Demand is expected to continue outstripping supply, sustaining the ‘seller’s market’ we saw last year. Banks remains confident in lending for acquisitions and redevelopment, buoyed by the sector’s diversification and adaptability.
“While EV transition is on the horizon, infrastructure rollout and consumer uptake remain slow, reinforcing the relevance of ICE vehicles. This stability positions forecourts as attractive, multi-revenue assets in an evolving retail landscape.
“Acquisition appetite is expected to remain high this year, and portfolio deals will play a key role as groups look to scale quickly by purchasing multiple sites in single transactions. There will be the stiffest competition for high-performing forecourts and those with strong development potential.”
Rodell adds that freehold petrol station sites continue to be a compelling investment, and in 2025 Christie & Co saw a rise in investment sales.
“Increasingly, forecourt operators are becoming active buyers of PFS with short unexpired lease terms which offer the potential to be directly operated following lease expiry and are otherwise viewed as low-risk medium term investments.
“Yields for roadside assets including petrol stations are being compressed as investor demand grows for stable income-producing real estate. We are seeing buyers ranging from independent operators and Top 50 Indies to private equity, family offices, and institutional investors seeking resilient, income-producing forecourt property.”
If you’re thinking of buying or selling…
To get the best deal, vendors need to take the right advice and ensure they have the right target, make sure there are no lease issues on rented sites for example, and deal with title issues first which can prevent deals being delayed or even falling through. So says Rapleys’ Frostick:
“Those looking for new sites need to have both a mixture of patience and pro-activeness. There are opportunities coming forward, but these are likely to be limited and regular conversations with parties and agents for existing sites will likely bring in other potential deals. Likewise, simply spotting a gap in the market, a closed-down site, or another property with potential could bring positive dividends.”
Christie’s Rodell says for those considering a sale this year, preparation and timing are key. “With demand for sites exceeding supply and banks supporting acquisitions, sellers can achieve strong values – particularly for well-located sites with robust retail offerings. It is important that assets are priced correctly, and relevant and current advice is sought to prepare for sale. There are plenty of buyers out there looking to purchase sites, from first-time forecourt operators to large groups actively looking to expand.
“Engaging a specialist agent will ensure you achieve the best price for your site, and handle the sale process for you, from initial appraisal through to negotiations, dealing with moving goalposts and finally completion.”
Finally on prices, Graham + Sibbald’s Grier says : “All forecourts brought to the market are assessed by us on a site-by-site basis. Being RICS Registered Valuers, we like to approach valuations on a realistic basis – however, as we are agents heavily involved in the market, we are aware of what sites would be worth to specific operators and understand what ‘premium’ might be paid per site or portfolio.”
He adds: “We have seen transactions of single sites where operators are paying ‘future value’ to the secure the deal ie they know their own margins and what improvements can be made and will therefore reflect that in their bid.
“My advice would be to ensure funding is in place, and speak to a valuer regarding true market value, prior to submitting an offer. Strategic thinking will be required to ensure an offer is as ‘clean’ as possible, to be as competitive against other bidders.”
