Top 50 Indie Ascona continues its march from its Welsh heartland with its latest acquisition, Westways Filling Station in Cornwall, bringing its nationwide network to 63 forecourts.
The Pembrokeshire-based operator, which also operates in Devon, East Yorkshire, East Sussex and Somerset, bought its latest site from the Lomax family who have owned the business for the past 35 years.
Most recently Nick and Sandra Lomax bought the Gulf/Spar business – a former finalist for Forecourt Trader Awards in the up to 4mlpa South West of England category – from Nick’s father in 2016. They now plan to reinvest in other business interests outside the sector.
The forecourt, which is on a one-acre plot beside Newquay’s international airport on the A3059, has been redeveloped and refurbished under the Lomax husband and wife team’s ownership. It is home to a large workshop, which would be suitable to redevelop into a food to go area, and three apartments above the shop.
William Trott, managing director of WT Estates, who brokered the deal at an undisclosed sum, describes the transaction as “the most valuable petrol forecourt by far to have gone through independent hands in the South West of England”. He says that all major and local independents were interested in the business which he marketed in a “highly specific off market campaign”.
He adds: “We put together this deal in September 2023, and I’m so pleased that it went through. The longevity of this site is phenomenal with Newquay Airport growing and expanding, and the site benefiting from the town’s Boardmasters music and surfing festival.”
Trott is now working with Ascona to pin down more sites for the operator which has talked about ambitions to rise from its seventh place in the Top 50 Indies table to fourth. Backed by a £92m refinancing package it wants to build a network of “the next generation of roadside retail destinations that cater for the local community needs”.
Trott says: “They are looking to continue the growth of their business across the South West of England, with a number of other opportunities coming through in the next few months.”
Ascona property director Mark Franks says he is “delighted” with the most recent purchase. “This marks one of our largest acquisitions in the south of England and enables us a strong foothold into the South West. We would like to thank WT Estates for once again introducing high quality assets like Westways to ourselves. We would finally like to wish Nick and Sandra Lomax all the very best in their retirement.”
Nick and Sandra Lomax add: “We want to say thank you to all the staff, customers and suppliers over the years for their support of Westways Filling Station, this was a difficult decision to make but the right one for us personally and the business. It was a sensitive deal which took plenty of time to overcome.” They add: “We wish all the best to Ascona Group in the future and their continuing investments.”
