Top 50 Indie Ascona Group continues to boost its network – this time with the acquisition of the five-strong Kessock Group in Scotland.
The portfolio comprises five Esso and Shell branded petrol filling stations in the Aberdeenshire and Moray regions of Scotland. The transaction completed for an undisclosed sum by way of a share-sale arrangement, marking Ascona’s largest portfolio deal to date since the business was founded in 2011, and bringing its network up to 68 forecourts.
Manoj Tugnait, property director for Ascona Group, says: “This acquisition marks an important milestone for Ascona as we continue to strengthen our presence across Scotland and the wider UK. The five sites we have acquired from the established Kessock Group, spanning from Inverness to Fraserburgh, offer strong customer bases and excellent long-term potential, increasing our Scottish portfolio to seven sites and growing.
“My sincere thanks go to the vendors – the Simpson family (James, Pamela, Jenna and Laura) for their professionalism throughout the process. I would also like to acknowledge Graham + Sibbald, who assisted in the sale process, including Brogan Grier and Adam Fotheringham; the team at Geo2; Paul Stapleton and Matt Williamson at Avison Young; Paul Carr from Paul Carr Stocktakers; and our legal advisers at CMS, led by Frank Fowlie and his team, as well as the many others involved. Their collective expertise was instrumental in bringing this transaction to a successful conclusion.
“We now look forward to welcoming the teams into the Ascona family and building on the success of these fantastic sites.”
Brogan Grier, director at Graham + Sibbald, says: “This is one of the most significant deals to be done in the Scottish forecourt market. We trust the vendors are delighted with the pace of the transaction, and the simplicity of the handover – both are reflective of the Ascona team’s professionalism, but also the vendors commitment to the deal.”
The deal comes in the same week that Ascona announced plans to grow to 120 forecourts in the next 12 to18 months, after securing £200m funding from independent credit firm Blazehill Capital, alongside HSBC.
