Top 50 Indie Ascona has purchased Ridgeway Service Station in Hastings, East Sussex – its 62nd forecourt, and the furthest south for the Welsh-based operator.
Known as ‘The Ridge’, the business on the busy B2093 into the seaside town, was sold by Kit Tandon. He owned the site for over 20 years and is retiring from the industry to focus on other interests.
Ascona, which has purchased the freehold for an undisclosed price, has switched fuel supplies from Shell to Valero, and intends to change the 2,100sq ft shop’s fascia from Spar to Nisa.
Currently the site sells in excess of 3.7 million litres of fuel per annum, benefiting from tourist traffic as well as being located in a residential area.
Ascona managing director Darren Briggs, describes the purchase as a “great addition to the Ascona network” as it continues to “look for these high quality sites”.
It follows the purchase of four petrol filling stations in March, when Ascona expanded with a trio of Welsh forecourts, and also a forecourt in Driffield, East Yorkshire.
The acquisitions bring Briggs closer to his ambition of becoming one of the top four independent forecourt operators, with plans to operate over 150 sites within the next three years. He secured a £92 million refinancing package to fuel the growth earlier this year.
On completion of the Hastings sale, which was managed by Christie & Co’s Mark Kaluza, Kit Tandon says: “After 23 years at Ridgeway Service Station, I made the decision that the time is right to retire. Over the past two decades, I’ve witnessed significant changes in the industry and I’m incredibly proud of what we’ve achieved together.
“I wish Ascona every success and have full confidence that, with the exceptional staff they have taken on, they will continue to serve the community with the same passion and commitment.
”I would like to thank Mark Kaluza from Christie & Co for his unwavering support throughout what was a particularly complex sales process. Mark’s dedication and professionalism were instrumental in bringing the deal to a successful close.”
Mark Kaluza, regional director – retail & leisure at Christie & Co, adds: “We wish Kit well with his retirement. I look forward to revisiting the site soon to meet the Ascona team. I wish them every success with this latest acquisition.”
Kaluza points out that it is a good time for operators thinking of putting their sites up for sale to take the plunge.
“The forecourt market remains very active across the UK. Sites being offered for sale are receiving multiple offers which is driving competitive pricing, and I would urge anyone considering selling their site to get in touch,”he says.
