Sterling Petroleum continues to add to its burgeoning forecourt estate with three acquisitions expected to complete in the same number of months: and a seven-figure sum secured to fund more.
Most recently, the six-year-old business completed on Wrexham-based Taurus Service Station on Friday (June 12), bringing its portfolio to 31 forecourts.
This follows its acquisition four weeks ago of Gulf forecourt and workshop Jones Automobile Engineers in Wiveliscombe, nine miles from Taunton in Somerset.
And owner Nakendram (Theepan) Piratheepan has exchanged contracts on an undisclosed third petrol station in Devon which he expects to complete on by the end of July.
Piratheepan joined the petrol retailing industry as a commission operator in 2014, before going on to set up Sterling Petroleum six years later. His sites span from Cornwwall in the south to Orkney in Scotland in the north, and he has ambitious growth plans, armed with a recently secured loan from a high street bank.
His most recent addition at Wrexham is a 3.5mlpa leased site, with a shop turning over £35,000 a week. It was previously owned by a second generation of the founding family.
North-east of Wales is a new territory for Piratheepan, who is based in south Wales and likes to take undeveloped businesses and invest in them.
He identified the Esso petrol station as having potential because of its size and because it is on the main arterial route into Wrexham.
The Nisa-branded canopy site is on a half-acre plot with just two fuel pumps, a rollover car wash, plenty space for parking, and a hairdresser business unit.
Property agent William Trott, responsible for the three recent deals, says that Piratheepan plans to undertake a “rip-out and re-go” with the shop, and is looking to develop the valeting facilities, as well as to introduce Amazon parcel lockers.
With SGN, EG On The Move, and MFG on the doorstep of this rural site, Piratheepan also plans to be competitive at the fuel pump on price, which Trott says will be one of the biggest drivers for the site.
“It is in an area with quite a lot of competition,” says Trott, “and it needs a big cheque book thrown at it, which is exactly what Theepan likes to take on: uninvested sites, making them into something even better than what they used to be”.
